INPEX Boosts Stake in Australia’s Ichthys LNG Project to 69%

Japan’s INPEX has agreed to acquire an additional 0.735% interest in the Ichthys LNG project in Australia from subsidiaries of JERA, further consolidating its control over one of the country’s largest liquefied natural gas developments.

The transaction will increase INPEX’s participating interest in Ichthys from 67.82% to 68.555%, subject to regulatory approvals from Australian authorities.

The acquisition covers both JERA’s interest in offshore blocks WA-50-L and WA-51-L, which contain the Ichthys gas-condensate field, and its stake in Ichthys LNG Pty Ltd, the company that owns the project’s export pipeline and downstream liquefaction facilities.

The deal stems from JERA’s December 2025 agreement to sell its Australian project subsidiary, including the 0.735% Ichthys interest, to MidOcean Energy. Under the project’s joint operating and shareholder agreements, INPEX had pre-emptive rights over the stake and elected to exercise them.

Ichthys is operated by INPEX and has LNG production capacity of around 9.3 million metric tons per year, alongside approximately 1.65 million tons of LPG and peak condensate production of about 100,000 barrels per day. Production began in 2018.

The project is particularly important to Japan’s LNG supply chain. INPEX says sales contracts cover about 8.4 million tons of annual LNG production, with roughly 70% destined for Japanese buyers. Annual Ichthys output is equivalent to more than 10% of Japan’s LNG imports, underscoring the asset’s strategic importance to the country’s energy security.

The latest purchase also continues INPEX’s gradual consolidation of Ichthys. In 2024, the company agreed to acquire Tokyo Gas’ 1.575% interest, increasing its ownership from 66.245% to the current 67.82%.

INPEX said the additional JERA stake fits with its Vision 2035 strategy and its objective of supporting energy security across Japan and the wider Asia-Pacific region. The company expects the transaction to have only a minimal effect on its consolidated financial results.

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