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.”

The National Energy Guarantee doesn't end the climate wars, but provides rules of engagement

You have to work pretty hard to see the Prime Minister's energy and climate policy as anything other than a breakthrough.

Malcolm Turnbull's new energy plan, if adopted,
 will provide the rules of engagement.

Just getting his party onside is a major achievement. There was a very real risk the issue would explode in the joint party room on Tuesday.

In the end, the only person asking for more time to debate it was Tony Abbott and, so settled was the matter, his plea was met with silence.

Business groups and big industrial energy users have also welcomed the National Energy Guarantee (NEG). Even AGL, publicly shamed for its perfectly legitimate plans to shut down its Liddell power plant, is onboard.

When the Chief Scientist Alan Finkel swung behind the policy (despite the fact it killed off his Clean Energy Target) you started to get the sense everyone was bending over backwards to support something, anything that will deliver the certainty that industry so desperately needs.

Read the ABC News story by David Lipson - “The National Energy Guarantee doesn't end the climate wars, but provides rules of engagement.”