Total builds stake in Ichthys LNG project

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%.

Offshore staff

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.

Subsea wells will be connected to acentral processing facility for gas treatment and to an FPSO for condensate production.

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.

7/12/2012

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