16/03/2012 - 15:34

Inpex buys into $12bn Shell project

16/03/2012 - 15:34

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Inpex buys into $12bn Shell project

Japan’s Inpex Corporation announced today it had struck an agreement with Shell to purchase a 17.5 per cent interest in the Prelude floating LNG project, located off WA’s northern coast.

The purchase is part of a broader strategic tie-up between the two companies, which includes Inpex selecting Shell as its development partner for the Abadi  floating LNG project in Indonesia.

Prelude is expected to be the world’s first floating LNG (FLNG) development, and is likely to pave the way for many similar developments that will monetise ‘stranded’ gas fields in remote locations.

Inpex said in a statement that “participating in the Prelude FLNG Project will enhance Inpex’s FLNG experience, and will help in timely delivery of the Abadi LNG project”.

“It will also contribute to promote wider collaborative relationship between Inpex and Shell including the Prelude FLNG Project and the Abadi LNG Project.”

The Prelude gas field is located 475km north-east of Broome in the Browse Basin.

It is located next to the Ichthys gas field, which is the basis for a second even-larger LNG development.

Inpex and its French partner Total, are planning to pipe the Ichthys gas to Darwin, where they are building a traditional land-based LNG plant.

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