Inpex has acquired a 17.5% stake in WA’s Prelude FLNG project. Inpex has purchased the stake in Prelude, which is owned by Shell Development Australia, for an undisclosed cash sum.
The purchase comes after Shell’s 30% purchase of shares in the Abadi floating LNG project in the Timor Sea which Inpex holds majority.
Inpex said it joined the Prelude venture so that it can increase its technical expertise in FLNG facilities as well as cement the partnership with Shell.
Prelude is to be the first LNG plant with no onshore processing facilities. It will have the capacity to process and export from a vessel that will float and be permanently anchored to the ocean floor. The FLNG vessel will be 480m long and 75m wide and is designed to withstand a category 5 cyclone.
The deal is subject to government approval.
