Ichthys gas sales agreements announced

INPEX CORPORATION (INPEX) is pleased to announce today that the Ichthys Project Joint Venture has a clear prospect of completing the sales of the entire 8.4 million tonnes per annum of LNG from the Ichthys Project.

The Ichthys Project Joint Venture has reached an agreement with Chubu Electric Power Co., Inc. on LNG sales of 0.49 million tonnes per annum, with Toho Gas Co.,Ltd. on LNG sales of 0.28 million tones per annum and with CPC Corporation, Taiwan on LNG sales of 1.75 million tonnes per annum, from the Ichthys Project over 15 years commencing in 2017.

INPEX and a TOTAL affiliate will also take a total of 1.8 million tonnes per annum of LNG from the Ichthys Project.

Furthermore, LNG marketing negotiations are close to being finalised with five major Japanese utility companies. This results in that the LNG volume of 8.4 million tonnes per annum will have been sold with a large part of the Ichthys LNG to be delivered to Japan.

The LNG sales and purchase agreements with each of the respective buyers are expected to be signed in a timeframe to allow for the final investment decision, due in 4th Quarter 2011.

The Ichthys Project Joint Venture is committed to 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.