Inpex will pay nothing to extract oil and gas

The Inpex-led Ichthys LNG project will export $195 billion of LNG, LPG and condensate from Darwin over the next three decades but will not pay Canberra anything for the gas it extracts from its field 450km north of Broome.

The Ichthys LNG project’s s central processing facility.

The Ichthys LNG project started construction in 2012 and next year is expected to begin shipping condensate from its offshore facilities and LNG and LPG from its Darwin plant.

Inpex yesterday released a report by ACIL Allen on the economic benefit to Australia from its $US37 billion ($47.7 billion) investment.

Inpex president director Australia Seiya Ito said Ichthys, funded by a US$20 billion project finance deal, was the biggest overseas investment ever by a Japanese company.

Read the story by Peter Milne from The West Australian - “Inpex will pay nothing to extract oil and gas.”