• 2019 June 23 16:29

    INPEX submits revised plan of development for Abadi LNG Project

    INPEX CORPORATION (INPEX) announced that through its subsidiary INPEX Masela, Ltd, it has submitted to Indonesian government authorities (the authorities) a revised Plan of Development (POD) today for the Abadi LNG Project (the Project). The revised POD is based on an onshore LNG development scheme with an annual LNG production capacity of 9.5 million tons. The Project involves developing the Abadi gas field in the Masela Block located in the Arafura Sea in Indonesia.

    The submission of the revised POD follows a series of dialogues between the authorities and INPEX, as the operator of the project on behalf of the Joint Venture (INPEX Masela and Shell Upstream Overseas) to secure the Project’s competitiveness
    through a Heads of Agreement (HOA) signed with authorities on June 16, 2019. InApril 2016, the authorities instructed INPEX to resubmit a POD for the Project, based on an onshore LNG development scheme. The terms contained in the HOA with the authorities including cost estimation, Production Sharing Contract (PSC) period and financial conditions are also written in the revised POD.

    “The submission of the revised POD for an onshore LNG development scheme based on the Heads of Agreement signed on June 16, 2019 is a major milestone for the Project. INPEX anticipates that the revised POD will be approved at an early stage, after which the company will work in partnership with Shell toward reaching FID and ultimately commencing production, with the cooperation of the Government of Indonesia,” said Shunichiro Sugaya, President of INPEX Masela, Ltd.
    The revised POD incorporates the results of Pre-Front End Engineering Design (Pre-FEED) work conducted between March and October 2018.

    In addition to submitting the revised POD, INPEX, in partnership with Shell have filed an application to amend the PSC for the Masela Block. This amendment accommodates the additional seven years’ time allocation to the PSC term due to the time spent studying the previously proposed development scheme.

    In conjunction with the revised POD, INPEX, with support from Shell have also submitted an application to extend the duration of the PSC to enable competitive project economics, taking into account the Project’s long-term production outlook.

    The term of the PSC will be until 2055, subject to the authorities’ approval of the amendment and the extension. The 20-year extension of the PSC terms are essential to the realization of the Project. The application of the additional seven years and the extension of 20 years is based on the terms agreed with the authorities in the HOA.

    Utilizing the knowledge and experience gained through operating the Ichthys LNG Project in Australia, INPEX will continue to work closely with its partner Shell to make the necessary preparations to commence FEED work at an early stage, following theauthorities’ approval of the revised POD, and aims for the production startup in latter half of 2020s.

    The Project is the first large-scale integrated LNG development project operated by INPEX in Indonesia and follows on from the INPEX-operated Ichthys LNG Project in Australia. The Abadi gas field features excellent reservoir productivity and has one of the world’s largest reserves, raising expectations of efficient development and stable LNG production operations over the long-term.

    The Project will provide significant contributions to the Republic of Indonesia and bring multiplier effects to Indonesia particularly in the eastern region. The impact of this matter on INPEX’s consolidated financial results for the year ending December, 2019 is minimal.

    About INPEX
    INPEX CORPORATION is Japan’s largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world’s oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, developing a global gas value chain business and reinforcing its renewable energy initiatives, INPEX aims to become a leading energy company and continue providing a stable and efficient supply of energy to its customers.




2019 November 15

18:09 Coast Guard medevacs cruise ship Aida Perla passenger just off Ponce, Puerto Rico
17:48 Sovcomflot reports its results for third quarter and nine months of 2019
17:23 Wärtsilä and PSA Marine collaborate to achieve clean energy shipping
17:15 Bollinger Shipyards contracted to build ocean transport barge
17:00 Composit supports 7th International Forum of Dredging Companies as its Sponsor
16:57 Ulstein unveils its concept of the first hydrogen powered offshore vessel
16:36 RF Government separates positions of Deputy Transport Minister and head of Rosmorrechflot
16:14 IMO holds training on impacts of anti-fouling systems and ships’ biofouling on marine environment
15:39 Norway boosts IMO's GreenVoyage-2050 GHG project
15:11 New Wärtsilä Expertise Centre provides value-adding lifecycle support
14:57 LUKOIL commissions phase three facilities at Filanovsky field
14:30 NSR cargo traffic totaled 26 million tonnes year-to-date, up 63.5% YoY
14:13 Georgia Ports Authority up 3.5 percent to 428,400 TEU in October 2019
13:13 Diana Shipping announces direct continuation of time charter contract for m/v Medusa with Cargill
12:51 Multipurpose Reloading Complex reports 4-fold increase of allocations for environment protection to RUB 11.5 million
12:32 ABI Research: Commercial fleets looking to tech to accelerate ROI in the face of rising costs, competition, and uncertainty
12:13 Port of Oakland names Danny Wan Executive Director
11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019
09:38 Three new Damen FCS Patrol vessels for SR Platforms achieve major milestones in a single week
09:33 Brent Crude futures price is up 0.58% to $62.73, Light Sweet Crude – up 0.72% to $57.53
09:19 Baltic Dry Index is up to 1,365 points

2019 November 13

18:07 LR and Seabury Maritime partner to tackle OPEX and CAPEX challenges
17:55 Gasum acquires AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG
17:36 Rolls-Royce and luxury yacht manufacturer Sunseeker sign frame agreement for MTU engines
17:18 Next-generation controller platform ‘Triton’ successfully passes TAT in Japan using latest ME-engine control system
17:04 LNG market expectations will be framed at the 6th International LNG Congress
16:54 Throughput of port Kaliningrad in Jan-Oct’2019 fell by 21% Y-o-Y to 9.34 million tonnes
16:28 Throughput of port Vyborg in Jan-Oct’2019 fell by 35% Y-o-Y to 1 million tonnes
16:03 MSC Cruises christens MSC Grandiosa
15:29 Innovative solutions for remote inspection: RINA and Kiber team up
15:03 Klaveness to focus their Dry Bulk operator activity on the Panamax to Post-Panamax segment