1st Sep 2006 08:32
Total S.A.01 September 2006 Total Acquires Stake in Ichthys LNG Project in Australia, Cementing its Partnership with INPEX Paris, August 31, 2006 - Total announces the signature of an agreement withJapanese energy company INPEX to acquire a 24% interest in Block WA 285-P,located in approximately 250 meters of water offshore northwestern Australia. The proposed transaction is subject to the approval of theAustralian authorities in the near future. INPEX currently owns a 100% interest in Block WA 285-P, which contains theIchthys gas field, discovered in 2000. Six appreciation wells drilled between2000 and 2004 confirmed the find's rich gas and condensate potential. The Ichthys development plan consists of an integrated field/liquefactionfacility scheduled to come on stream early in the next decade. The plant isenvisaged to be built on an island in the Kimberley region, less than 200kilometers from the field. INPEX recently filed documents with Australianfederal and state governments to obtain environmental approval for the project,with a capacity envisaged above 6 million metric tons of LNG a year associatedwith 100,000 barrels per day of condensates and LPG, and which could beincreased depending on confirmation of additional reserves and market demand. Since the beginning of 2005, Total has acquired stakes in eight differentoffshore exploration blocks in Australia's North West Shelf. This latesttransaction will considerably strengthen Total's presence in this area's gasindustry. The partnership between INPEX and Total dates back to 1970, when they begandeveloping the Mahakam block in Indonesia, which supplies over 70% of the feedgas for the Bontang plant, one of the world's largest LNG facilities. The latest venture with INPEX will support Total's expansion and diversificationin LNG beyond 2010 by creating another major growth center in Asia. A global LNG operator with equity sales amounting to 7.7 million metric tons in2005, Total plans to grow LNG production by an average 12% a year to 2010. Sinceearly 2005, Total has also signed agreements to develop or participate in threeother major, long-term LNG projects: Yemen LNG, Qatargas 2 and, most recently,Brass LNG in Nigeria. Total is one of the world's major oil and gas groups, with activities in morethan 130 countries. Its 95,000 employees put their expertise to work in everypart of the industry - exploration and production of oil and natural gas,refining and marketing, gas trading and electricity. Total is working to keepthe world supplied with energy, both today and tomorrow. The Group is also afirst rank player in chemicals. www.total.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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