TotalEnergies and INPEX Acquired Cash-Maple Gas Fields in Australia
French oil and gas company TotalEnergies and Japan’s INPEX have signed an agreement with PTTEP to acquire PTTEP’s 100% stake in Australia’s AC-RL7 development permit, the companies said in a statement.
Under the terms of the agreement, which is subject to approval by the relevant authorities, TotalEnergies will acquire a 26% interest in the permit in line with its interest in Ichthys LNG, while INPEX will acquire the remaining 74% and take over the operator.
The permit covers an area of 418 sq. km in the Timor Sea, approximately 250 km northeast of the Ichthys offshore facilities. This permit includes the Cash and Maple gas and condensate fields discovered in 2002 and 1989.
The development of these fields is expected to contribute to the long-term supply of the Ichthys LNG liquefied natural gas plant, in which TotalEnergies is a 26% partner and INPEX and other Asian minority shareholders own the remaining 74%.
