Inpex Corp will sell the entire LNG output of its 8.4 million tonnes per year from the $20bn Ichthys project in Australia.
The Ichthys project is a joint venture between Inpex, which owns a 76% stake, and France’s Total, which owns the remaining 24% stake.
The project partners have reached an agreement to sell a total 2.52 million tonnes a year of LNG from the project to Chubu Electric Power, Toho Gas Co and CPC, which will buy 490,000t, 280,000t and 1.75 million tonnes per year, respectively, for 15 years from 2017, according to Inpex.
Inpex and Total will receive a total 1.8 million tonnes separately from the project.
Inpex will make a final investment decision on the project in the October-December quarter this year.
The project, currently in a front-end engineering design phase, will begin production in 2016.
The partners also expect to sell more LNG to five unknown Japanese buyers. The terms of the deal are being finalised.
