Inpex exercises pre-emptive rights to buy JERA's stake in Ichthys LNG project
IPX•Inpex exercised pre-emptive rights to buy JERA's 0.735% stake in the Ichthys LNG project, blocking a deal with MidOcean Energy. The purchase would raise Inpex's interest to 68.555%, subject to Australian regulatory approvals.
1. Inpex takes project stake
Inpex said it exercised pre-emptive rights to buy JERA's 0.735% stake in the Ichthys LNG project in Australia, blocking a deal JERA had agreed with MidOcean Energy. The acquisition would increase Inpex's interest to 68.555%; financial terms were not disclosed.
2. Approval and project details
Completion is subject to conditions including regulatory approvals from Australian authorities. Inpex said the transaction would have minimal impact on its consolidated financial results. Ichthys began production in 2018 and has annual LNG production capacity of 9.3 million metric tons.
3. JERA's other sale unchanged
JERA said its plan to sell its 0.417% interest in the Chevron-operated Gorgon project to MidOcean Energy remained unchanged.
