TotalEnergies, Inpex to acquire PTTEP's Australian AC-RL7 permit
French energy company TotalEnergies and Japanese corporation Inpex have entered into a strategic agreement with Thai energy company PTTEP to collectively acquire the full 100% stake in PTTEP's Australian AC-RL7 permit, the companies announced on August 21. This acquisition encompasses the Cash and Maple gas and condensate fields.
TotalEnergies will secure a 26% interest in the permit through its equity in Ichthys LNG, while Inpex will assume the remaining 74% interest and will take on the role of operator for the permit. The agreement is contingent upon the approval of relevant regulatory authorities.
The AC-RL7 permit area, spanning 418 km2 in the Timor Sea, is situated around 250 km northeast of the Ichthys offshore facilities. The permit's assets include the Cash and Maple gas and condensate fields, both of which were discovered in previous years and subsequently evaluated through various well appraisals.
TotalEnergies anticipates that the development of these fields will contribute to sustaining the long-term supply of natural gas liquefaction for the Ichthys LNG plant.
PTTEP made the decision to divest its Australian assets earlier in the year.