Inpex Plans Significant Investment in Australia to Boost Gas Output

Inpex Corp. has plans to invest significantly in Australia, a part of plan to double company’s production by early next decade, says news agency Bloomberg.

The Japanese explorer is looking to spend $44 billion on exploration and development.

Inpex is developing the $34 billion Ichthys LNG project and has stake in 10 exploration blocks surrounding the Ichthys field in Northern Australia.

“I fully expect we will discover resources to supply the Ichthys LNG plant in Darwin well into the future,” President Toshiaki Kitamura said in a note, reports Bloomberg.

The investment goal is over five years through 2016, according to Kitamura.

The Ichthys LNG project, one of seven under construction in Australia to meet rising Asian demand for the fuel, is expected to generate total revenue of more than A$250 billion ($232 billion), Bloomberg quotes Kitamura as saying.

Kitamura adds that expansion of the project may be delayed due to disagreement on price and supply.

Buyers should consider becoming the sellers’ partners in the development of the gas fields as one way to align their views on the market, the Inpex president said, adds Bloomberg.

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