The Ichthys LNG Project and surrounding exploration blocks

Production commenced in July 2018 and shipments of condensate, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) commenced shortly thereafter. Stable production has continued since production commenced in 2018.
LNG sales and purchase agreements (SPAs) cover 8.4 million tons of LNG produced annually from the project, and 70 percent of the LNG is destined for Japanese buyers. The volume of LNG produced annually is equivalent to over 10 percent of Japan's total annual LNG import volume. Ichthys LNG has already built a framework capable of producing 9.3 million tons of LNG annually and will continue to strive to maintain and enhance a safe stable production system to ensure a stable supply of energy.

INPEX holds interests in 16 exploration blocks in the vicinity of the Ichthys project and has discovered gas in several of these blocks. We will accelerate participation in exploration activities in this area as well as the development of discovered assets to ensure a sustained production volume for the long term. We are aiming to reduce CO₂ emissions through the introduction of CCS to decarbonize the project by 2030.

INPEX completed exploratory drilling in Block WA-285-P in 2023 and has conducted exploratory drilling in Block WA-343-P from 2023 to 2024. 3D seismic data acquisition in Block AC/P66 was planned for the first half of 2024. Our aim is to discover promising petroleum and gas structures through these exploration activities.

In the blocks that we hold in the vicinity of Ichthys, multiple gas structures have been discovered including Crown, Lasseter and Burnside. We also acquired a 74 percent interest in Block AC/RL7 (Cash Maple) in 2023. Natural gas condensate fields have already been discovered at this block, raising expectations that this will contribute to the long-term stable output of the Ichthys LNG Project going forward.

We are reviewing viability of an additional train at the LNG plant subject to confirming that reserves have been secured and other requirements met.

In 2022, INPEX acquired a 53 percent interest in the G-7-AP (Bonaparte) GHG assessment block off the northwestern coast of the Northern Territory of Australia. We aim to inject CO₂ from the Ichthys LNG Project from 2030, and appraisal work is currently underway. Given this acreage is expected to have a high CO₂ storage capacity, we are also considering accepting CO₂ from sources other than Ichthys LNG. We are committed to contributing to the realization of a low emissions CCUS Hub^* led by the Northern Territory government, among other initiatives.

Map: The Ichthys LNG Project and surrounding exploration blocks