Taiwan’s CPC Corp. has taken a 2.62% equity in the Inpex group’s Ichthys gas project in the Browse basin offshore Western Australia. The acquisition price was not disclosed.
If the deal receives Foreign Investment Review Board approval, CPC will take participating interests in production licences WA-50-L and WA-51-L and surrounding exploration permit WA-285-P. It also will take shares in the holding company that owns the project’s LNG plant being build in Darwin.
The deal reduces Inpex’s share of the project to 63.44%.
France’s Total SA increased its stake to 30% last March. A number of Japanese utilities (and now CPC) hold the remaining interest.
The Ichthys LNG project is expected at peak flow to produce 8.4 million tonnes/year of LNG, 1.6 million tonnes/year of LPG, and 100,000 b/d of condensate.