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JOGMEC Provides Completion Guaranteefor INPEX’s Ichthys LNG Project in Australia
JOGMEC Provides Completion Guarantee
for INPEX’s Ichthys LNG Project in Australia
PDF version of this page (107 KB)December 18, 2012
JOGMEC (President: Hirobumi Kawano) announced today that it signed on December 18, 2012 the agreements on the completion guarantee in connection with the project finance dedicated for the Ichthys LNG Project operated by INPEX CORPORATION ("INPEX").
The Ichthys LNG Project is a joint venture between INPEX group companies, TOTAL group companies and other participants to develop the giant Ichthys gas and condensate field located in offshore Western Australia.
Gas from the Ichthys field will undergo preliminary processing offshore to remove water and raw liquids, including condensate. The gas will then be exported to the onshore liquefaction plant in Darwin, Northern Territory, via an 889 km subsea pipeline. The Project is designed to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak. First production is expected by the end of 2016.
JOGMEC assumes a part of INPEX’s obligation with respect to the sponsors’ completion guarantee under US$ 20 billion finance arrangements currently finalized, where JOGMEC’s liability is limited to US$ 2 billion.
While approximately 70% of Ichthys LNG, or 5.7 million tonnes per annum, will be delivered to Japanese customers under long-term off-take agreements, the Ichthys LNG Project will reinforce the stable energy supply to Japan. At the same time, Japanese operatorship in such a world-scale LNG project is expected to accelerate the growth and development of the upstream industry in Japan.
Background Information
1. INPEX Ichthys Pty Ltd
(Owner of participating interest in production license of the Ichthys gas and condensate field)
(Owner of participating interest in production license of the Ichthys gas and condensate field)
| Date of Establishment: | April 5, 2011 |
|---|---|
| Head Office | Perth, Western Australia |
| Director | Mr. Seiya Ito |
| Shareholders | INPEX CORPORATION (including indirect shareholding) |
2. Joint Venture Participants
* Transfer of additional 6% interest from INPEX to TOTAL will be subject to the satisfaction of certain conditions precedent
3. JOGMEC's Completion Guaranteez
| INPEX | 66.070% |
|---|---|
| TOTAL | *30.000% |
| TokyoGasCo.,Ltd. | 1.575% |
| OsakaGasCo.,Ltd. | 1.200% |
| ChubuElectricPowerCo.,Inc. | 0.735% |
| TohoGasCo.,Ltd. | 0.420% |
3. JOGMEC's Completion Guaranteez
| Date of Approval | June 26, 2012 |
|---|---|
| Maximum Liability | US$ 2.0 billion |
| Note | Approval has been made in accordance with JOGMEC'S technical, economic, and business-environment criteria; and the consent from the Minister of Economy, Trade and Industry has been obtained. |
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