Total increases stake in Ichthys LNG project 30 per cent

Total increases stake in Ichthys LNG project to 30 per cent

11:29 AM, 12th July 2012
Total increases stake in Ichthys LNG project to 30 per cent
Yves-Louis Darricarrere, President, Exploration & Production, Total.

PARIS, FRANCE: Total has acquired an additional 6 per cent interest in the Ichthys liquefied natural gas (LNG) project from its partner INPEX. Total’s overall equity stake in the Ichthys LNG project grows from 24 per cent to 30 per cent. The acquisition does not impact any of the LNG offtake agreements with the entire annual production of LNG (8.4 million tonne per annum) having already been sold for 15 years. Total, through its gas trading subsidiary, will purchase 0.9 million tonne per year of this LNG.

“We are delighted to have increased our stake which demonstrates our confidence in this world class Ichthys LNG project. This further enhances our presence in Australia and our position as supplier in the Asian LNG market, the fastest growing market offering high value prices linked to oil. This move also consolidates Total’s strategy as a leading LNG player,” said Yves-Louis Darricarrere, President, Exploration & Production, Total.

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