INPEX CORPORATION (INPEX) is pleased to announce that through its subsidiary, INPEX Oil & Gas Australia Proprietary Limited, it has agreed to acquire a 17.5% participating interest in the Prelude FLNG(*) (Floating LNG: liquefied natural gas) Project from Shell Development (Australia) Proprietary Limited (SDA), a subsidiary of Royal Dutch Shell plc (Shell). This transaction is subject to the satisfaction of certain conditions including the approval by the Australian government.

(*) Floating offshore facility where natural gas is processed, liquefied, stored and offloaded

The Prelude FLNG Project is located in WA-44-L, approximately 475km north-northeast of Broome, off the coast of Western Australia, consisting of the Prelude gas field and the Concerto gas field.

These gas fields will be developed utilizing a FLNG facility, and will produce at least 3.6 million tonnes per annum of LNG, along with 0.4 million tonnes per annum of LPG (liquefied petroleum gas) and approximately 36 thousand barrels per day of condensate at peak.

Shell made the final investment decision on the Prelude FLNG Project in May 2011, and is likely to be the world’s first FLNG project.

SDA is now proceeding with the development of the Prelude FLNG Project, targeting its production start-up around 10 years from when the Prelude gas field was first discovered in early 2007.

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