PARIS – Total (NYSE:TOT;Paris:FP FP) has acquired a further 6% interest in the Ichthys LNG project offshore northwest Australia, lifting its total stake to 30%.
The acquisition, which remains subject to Australian authorities approval, does not impact any of the LNG offtake agreements - the entire annual production (8.4 MMt/yr of LNG) has been sold for a 15-year period.
INPEX and Total announced the final investment decision for the $34-billion project in January. It is designed to recover about 3 Bboe of reserves, including roughly 500 MMboe of condensate. First production is slated for end-2016.
The project calls for development of the Ichthys gas and condensate field in 260 m (853 ft) water depth, construction of an 889-km (552-mi) gas transmission pipeline, and an onshore LNG plant near Darwin.
There will be two LNG trains, each with a capacity of 4.2 MMt/yr, plus facilities for extraction and export of LPGs and condensate.