INPEX Corp. has updated the expected production start-up schedule and raised the anticipated production capacity of the Ichthys LNG Project, the Tokyo-based company said in a Sept. 11 release.
Production is now expected to start in the third quarter of 2017 instead of the end of December 2016. Meanwhile, INPEX will raise the annual LNG production capacity by about 6% to 8.9 million tons per annum (MTPA) from the initially planned 8.4 MTPA.
The increase in production capacity is based on the company's recent technical evaluation of the latest technological information pertaining to the entire LNG production system, the release said.
INPEX is currently developing the Ichthys Project as operator alongside its project partners. Partners include: Total SA (TOT) (30%), CPC Corp. Taiwan (2.625%), Tokyo Gas (1.575%), Osaka Gas (1.2%), Kansai Electric (1.2%), Chubu Electric Power (0.735%) and Toho Gas (1.2%).
The project involves LNG from the Ichthys Gas-condensate Field offshore Western Australia at an onshore gas liquefaction plant in Darwin in the Northern Territory.
The company said it expects the revised production start-up schedule and other factors will increase the project's investment. However, the increase is expected to be limited to about 10%.
The project's overall development was about 74% complete as of June, the release said. INPEX plans to cover the costs of the project through its own funds and external loans as originally planned.
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