INPEX CORPORATION announces that Ichthys Project, which is undertaken by INPEX group of companies and Total group of companies, has been steadily progressing towards the Final Investment Decision (FID) to be made by the end of this year.
While this remains their target, taking into account administrative constraints during the Christmas season and New Year holiday periods, the decision may slip into mid-January 2012.
Ichthys Field
INPEX acquired a working interest in WA-285-P offshore Western Australia after winning an open bid in August 1998. In 2000, after pursuing exploration activities as an operator, INPEX discovered the Ichthys gas-condensate field.
Eight exploratory wells drilled by INPEX confirmed the presence of sufficient reserves for a large-scale project in the Ichthys gas-condensate field. Later, in September 2008, a site in Darwin was selected for construction of an LNG plant. FEED work on this plant began in January 2009. In April of the same year, an office was established in Darwin and FEED work also commenced on offshore production facilities at that time. The EPC tender for the CPF was issued in November 2010, with preparatory work for the procurement phase of the LNG plant beginning in December of the same year. In addition, work concerning production licenses and financing is ongoing with the target for FID scheduled in Q4 2011, and for commercial production in Q4 2016.
INPEX also retains interests in eight blocks surrounding Ichthys. Exploration activities are ongoing. Any discoveries of major oil or gas reserves in these blocks could considerably increase the potential of the Ichthys field benefitting from synergistic effects.
[mappress] Subsea World News Staff , November 18, 2011; Image: Inpex