News listings
Equatorial Guinea Licence Round

energy-pedia general news

Australia flagAustralia

Central & SE Asia / Australasia >>> Australia

Australia: Total reduces its stake in Ichthys LNG


13 Dec 2018

Photo - see caption

Total has signed an agreement to divest a 4 percent interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of 1.6 billion USD. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26 percent.

'This transaction is part of our constant portfolio review to optimize our capital allocation. Ichthys is part of a wave of Australian LNG projects, which have unfortunately experienced major cost overruns and delays during their construction phase. The final CAPEX estimate provided by the Operator is around 45 B$ to be compared to an updated figure around 40 B$ in 2017. In line with our capital discipline policy, we have therefore decided to control our capital employed in Ichthys by monetizing a 4% stake after the project start-up and de-risking,' commented Arnaud Breuillac, President, Exploration & Production at Total. 'We are of course committed to the Ichthys project with our remaining 26% interest contributing to our growth both in production and cash flow from 2019 and beyond. LNG is a core area for Total - the world second-largest privately owned player with a strong pipeline of low breakeven pre-FID projects in our portfolio'.

At full capacity, the Ichthys offshore facilities and the two-train onshore liquefaction plant will supply 8.9 million tons per year (Mt/y) of LNG and 1.65 Mt/y of liquefied petroleum gas (LPG), along with 100,000 barrels of condensate per day. 

The first LNG cargo was exported on the October 22nd 2018, the first offshore condensate cargo was exported on October 1st 2018, and the first LPG cargo was exported on the November 16th 2018. The two LNG trains are now fully operational.

Original article link

Source: Total





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1688
Completed deals: 5158

Company Profiles

Current Company Profiles: 2634

Corporate Activity

Current Corporate Activity articles: 3255

Companies Looking

Current number of articles: 425

Company Sales

Current Company Sales articles:1348

Geostudies

Current Geostudies articles: 633

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

count geophysics
Government of South Australia
Union Jack Oil 149
Rose & Assocs 149
SLR Consulting logo
KL Publishing
EP Consult Energies
energy365
RSK Logo 149
Geoespace
Bayphase
OPC
Lynx Information Systems
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com