Execution of LNG Sales and Purchase Agreement of Bayu-Undan

abarrelfullabarrelfull wrote on 24 Oct 2013 08:47

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8 August 2005

INPEX CORPORATION announces that the LNG Sales and Purchase Agreement (SPA) of Bayu-Undan project between Darwin LNG Pty Ltd which is the joint venture vehicle of the project partners, and Tokyo Electric Power Company (TEPCO) / Tokyo Gas has been executed in Darwin, Australia on 8 August, 2005. The Bayu-Undan field is located in the Joint Petroleum Development Area (JPDA) between East Timor and Australia.

Followed the Heads of Agreement signed between Darwin LNG and TEPCO/Tokyo Gas in March 2002, the parties have executed the SPA as the formal and entire agreement to set detailed terms and conditions of the sales and purchase of the LNG. The natural gas produced from the field will be delivered to the LNG plant in Darwin through the offshore pipeline and Darwin LNG will exports 3 million tons of LNG per year to TEPCO and Tokyo Gas from 2006 to 2022 under the SPA.

INPEX has convinced the Bayu-Undan project contributes to establish the expanding energy market in Asia Pacific, especially with LNG as a clean energy.

The execution of the SPA will enhance INPEX’s LNG projects development and activities in the Oceania as one of its core areas.

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