Japan Inpex Seeks Partner For Abadi LNG Project In Indonesia
Mari Iwata. DOW JONES NEWSWIRES, Jakarta - 19/05/2011
Inpex Corp. (1605.TO) said Thursday that it is seeking a partner for the Abadi floating liquefied natural gas project in Indonesia.
Inpex said it is willing to sell up to 30% of the project, adding that it prefers to partner with an oil major with experience in LNG projects or offshore development or both.
Indonesia approved Inpex's Abadi development plan in December.
"We need a good partner and currently are in the process of selecting one," an Inpex spokesman said. "We intend to keep 50% and our
operatorship," he added.
He didn't mention the candidates Inpex is in talks with.
Inpex owns 90% of the project and Indonesia's Energi Mega Persada 10%.
The Japanese company will transfer 10% to another Indonesian company to be selected by the government, the spokesman said.
Abadi will be Inpex's first floating LNG project, with 2.5 million metric tons of annual production capacity.
The Abadi gas field is located in the Arafura Sea in the east. Its reserves are estimated at more than 10 trillion cubic feet.