Inpex will raise its participating interest in the Ichthys LNG project to 68.555%, after exercising pre-emptive rights to acquire a further 0.735% stake from Japanese utility JERA.

The move blocks JERA's planned sale of its entire Ichthys holding to MidOcean Energy, the LNG company backed by US private equity group EIG, which JERA announced in December 2025. JERA has confirmed it will transfer the full interest to Inpex instead. The parties have not disclosed transaction terms.

The additional interest covers assets in permits WA-50-L and WA-51-L in the Browse Basin, including the Ichthys gas-condensate field, plus shares in Ichthys LNG — the venture that owns the gas export pipeline and liquefaction facilities, liquefies natural gas and handles LNG marketing.

Completion remains subject to conditions including approvals from Australian Government regulatory agencies.

Asset scale

The Ichthys field lies roughly 220 km off Western Australia's coast and 820 km south-west of Darwin, spanning about 800 km² in water depths averaging 250 m. Inpex discovered the field in 2000.

The development took FID in 2012 and started production in July 2018. Gas and condensate move from the field through subsea infrastructure and an 890 km pipeline to onshore processing facilities near Darwin, in the Northern Territory.

At peak, the project produces up to 9.3 million tonnes per annum (mtpa) of LNG and 1.65 mtpa of LPG, plus more than 100,000 b/d of condensate.

Ownership structure

After the transfer, Inpex group companies will operate Ichthys with 68.555%, up from 67.82%. TotalEnergies holds 26%. The remaining partners are Australian subsidiaries of Taiwan's CPC Corporation (2.625%), Osaka Gas (1.2%), Kansai Electric Power (1.2%), JERA (0.735% until completion) and Toho Gas (0.42%).

Inpex said the purchase aligns with its Vision 2035 initiative, formulated in February 2025, and would contribute to energy security in Japan and the Asia-Pacific region. The company added that it would work with joint-venture participants, local communities and the Australian federal, Northern Territory and WA governments to maintain stable project operations.

Wider portfolio moves

MidOcean has not walked away empty-handed from its dealings with JERA. In March 2026, the EIG-backed firm signed definitive agreements to acquire an additional 0.417% interest in the Chevron-operated Gorgon LNG project, also offshore Western Australia.

The watch item for Ichthys: Australian regulatory approvals, which gate completion of the Inpex-JERA transfer and finalise the operator's consolidated Browse Basin position.