CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that the Ichthys liquefied natural gas (LNG) project off northern Australia, in which it has a 2.625 percent stake, has started production.
The state-run refiner said that the Ichthys project in the Browse Basin would be an important addition to its fuel portfolio and help raise its energy self-sufficiency, a statement posted on its Web site said.
CPC joined the Ichthys project in 2013, making it the third-biggest stakeholder in the project after Japan-based Inpex Corp’s 62.245 percent stake and French energy giant Total SA’s 30 percent stake.
Other partners include Tokyo Gas Co, Osaka Gas Co, Kansai Electric Power Co, Chubu Electric Power Co and Toho Gas Co, as well as JERA Co, the world’s biggest LNG buyer.
CPC said Inpex on Monday announced that the Ichthys project had commenced production of gas from its first offshore well and that shipments are expected to start later this year.
The project comprises the development of the Ichthys gas field, an onshore LNG plant near Darwin, Australia, and a 889km gas pipeline that links the gas field and the LNG plant.
The Ichthys project is expected to produce up to 8.9 million tonnes of LNG and 1.6 million tonnes of liquefied petroleum gas (LPG) annually at its peak, as well as up to 36.5 million barrels of condensate, a light crude oil, CPC said.
With its 2.625 percent interest in the project, CPC said it could obtain 234,000 tonnes of LNG, 43,000 tonnes of LPG and 958,000 barrels of condensate per year, which could raise the refiner’s self-sufficiency ratio of oil and natural gas by 1.1 percentage points.
CPC’s self-sufficiency ratio currently stands at 2.17 percent.
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