INPEX Chairman Naoki Kuroda made the announcement in Darwin, the site of the onshore gas processing facilities which will be built to produce 8.4 million tonnes of liquefied natural gas per annum.

"The Ichthys FID announced today by INPEX and Total signals the start of construction of one of the world’s largest LNG facilities based on an estimated 40 years of gas and condensate reserves from the Browse Basin offshore Western Australia,” Mr Kuroda said.

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The Ichthys LNG Project Joint Venture is seeking the continued support from the Australian Government, the Western Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys LNG Project.

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Under the SPAs, Ichthys LNG Pty Ltd, a company jointly owned by INPEX and TOTAL and the seller of Ichthys LNG, will sell 2.52 million tonnes per annum (mtpa) of LNG for 15 years commencing in 2017 from the Ichthys LNG Project to:

• CPC   -  1.75 mtpa
• Chubu Electric -  0.49 mtpa
• Toho  Gas  -  0.28 mtpa

This follows the announcement of 6 December 2011 of LNG sales and purchase agreements totaling 4.0 mtpa with a consortium of five major Japanese utility companies composed of Tokyo Electric Power Company, Inc, Tokyo Gas Co., Ltd., The Kansai Electric Power Co., Inc., Osaka Gas Co., Ltd. and Kyushu Electric Power Company Inc., and LNG offtake agreements for 1.8 mtpa were also agreed by INPEX and a TOTAL affiliate.

The Ichthys LNG Project Joint Venture is seeking the continued support from the Australian Government, the Western Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys LNG Project.

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Based on the agreement, the Ichthys LNG project equity interest will be as follows:

• INPEX  74.380% 
• TOTAL 24.000% 
• Osaka Gas 1.200% (subject to the approval by the Australian government)
• Toho Gas 0.420% (subject to the approval by the Australian government)

 (*) the Ichthys LNG project equity interest includes the following elements:
1. Participating interest of WA-37-R (Ichthys gas-condensate field)
2. Participating interest of WA-285-P (exploration permit adjacent to WA-37-R)
3. Shares of Ichthys LNG Pty Ltd (natural gas liquefaction and LNG marketing company)

The Ichthys LNG Project Joint Venture is seeking the continued support from the Australian Government, the Western Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys LNG Project.

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Ichthys LNG Pty Ltd, a company jointly owned by INPEX and TOTAL and the seller of Ichthys LNG, today signed a legally binding Sales and Purchase Agreement (SPA) with a consortium of five major Japanese utility companies for LNG from the Ichthys Project totaling 4.0 mtpa.

Under the SPA, Ichthys LNG Pty Ltd will sell LNG for 15 years commencing in 2017 from the Ichthys Project to:

• Tokyo Electric Power Company, Inc (1.05 mtpa)
• Tokyo Gas Co.,Ltd. (1.05 mtpa)
• The Kansai Electric Power Co., Inc. (0.80 mtpa)
• Osaka Gas Co.,Ltd. (0.80 mtpa)
• Kyushu Electric Power Company Inc. (0.30 mtpa)

This follows the announcement of 24 June 2011 of LNG sales agreements with Chubu Electric Power Company, Toho Gas Co., Ltd. and CPC Corporation, Taiwan, and also LNG offtake which has already been agreed by INPEX and TOTAL affiliate.

The Ichthys Project Joint Venture is seeking the continued support from the Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys Project.

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Based on the agreement, Ichthys Project equity interest will be as follows:

• INPEX            -    74.8%
• TOTAL           -    24%
• Osaka Gas   -   1.2%

(*) Ichthys Project equity interest includes the following elements:

1. Participating interest of WA-37-R (Ichthys gas-condensate field)
2. Participating interest of WA-285-P (exploration permit adjacent to WA-37-R)
3. Shares of Ichthys LNG Pty Ltd (natural gas liquefaction and LNG marketing company)

The Ichthys Project Joint Venture is seeking continued support from the Australian Government, the Northern Territory Government and other stakeholders for earlyand optimal commercial gas production from the Ichthys Project.

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