Regional LNG: Ichthys signs up LNG buyers

Ichthys LNG Pty Ltd, a company jointly owned by Inpex and Total, signed a legally binding Sales and Purchase Agreement (SPA) with a consortium of five major Japanese utility firms for LNG from the Ichthys Project.

Inpex Corp. (Inpex) and Total announced on Tuesday that a total volume of 8.4 million tons per annum (mtpa) of LNG from the Ichthys Project is to be sold. About 70 percent of the total volume will be delivered to the Japanese buyers.

Under the SPA , Ichthys LNG Pty Ltd will sell LNG for 15 years commencing in 2017 from the Ichthys Project to:
? Tokyo Electric Power Company, Inc . - 1.05 mtpa
? Tokyo Gas Co.,Ltd. - 1.05 mtpa
? The Kansai Electric Power Co., Inc. - 0.80 mtpa
? Osaka Gas Co.,Ltd. - 0.80 mtpa
? Kyushu Electric Power Company Inc. - 0.30 mtpa

The agreement signed after its announcement on June 24, 2011 of LNG sales agreements with Chubu Electric Power Company, Toho Gas Co., Ltd. and CPC Corporation, Taiwan, and also LNG offtake which has already been agreed by Inpex and a Total affiliate.

The Ichthys Project Joint Venture is seeking the continued support from the Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys Project. (romel)