🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UPDATE 1-Japan's Inpex sees Ichthys LNG start-up by end-May

Published 10/05/2018, 06:16 pm
Updated 10/05/2018, 06:20 pm
UPDATE 1-Japan's Inpex sees Ichthys LNG start-up by end-May
TTEF
-
CL
-
NG
-
1605
-
9503
-
9531
-
9532
-
9533
-

(Adds comment, earnings, background throughout)

TOKYO, May 10 (Reuters) - Japan's biggest oil and gas explorer, Inpex Corp, 1605.T said on Thursday it will begin production at its Ichthys liquefied natural gas (LNG) development in Australia by the end of May, the latest start date for a project that has been delayed multiple times.

Trial operations at the project's offshore central processing facility (CPF) will be completed by the end of the month, followed by the first production of gas, Inpex Senior Managing Executive Office Masahiro Murayama told reporters at an earnings press conference.

Asked if that meant first gas production will be achieved by the end of May, Murayama said "yes."

Getting the project going will be a boost for Inpex, which has seen costs for Ichthys blow out to more than $37 billion due to technical difficulties and contractor disputes. It was originally slated to start in 2016. said Ichthys will add as much as 24 billion yen ($218.28 million) to Inpex's profit in the second half of the financial year that runs through March 2019. The company said on Thursday it had profit of 40.36 billion yen for the year through March 2018. full operation, Ichthys is expected to produce 8.9 million tonnes of LNG a year, along with about 1.7 million tonnes of liquefied petroleum gas and about 100,000 barrels per day of condensate, an ultra-light form of crude oil.

Ichthys will send gas from the CPF through an 890-km (550 mile) pipeline on the Australian mainland near the city of Darwin, where it will be processed into LNG for export.

Inpex holds 62.245 percent of Ichthys, France's Total TOTF.PA 30 percent, with the rest spread amongst Taiwan's CPC Corp CHIP.UL and Japanese utilities Tokyo Gas 9531.T , Osaka Gas 9532.T , Kansai Electric 9503.T , JERA Corp and Toho Gas 9533.T . ($1 = 109.9500 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.