LA DEFENSE (dpa-AFX) - Total (TOT, TTFNF.PK, TTA.L) and its joint venture partner INPEX CORP. said they have taken the final investment decision for the Ichthys liquefied natural gas, or LNG, project in Australia, representing an investment of $34 billion.
Total holds a 24% interest in the project which will develop approximately 3 billion barrels oil equivalent of reserves, including around 500 million barrels of condensate. First production is expected at the end of 2016.
The Ichthys project consists of the development of the Ichthys gas and condensate field offshore North West Australia and the construction of an 889 kilometres gas transmission pipeline together with an onshore LNG plant near Darwin in the Northern Territory.
The plans for development and operation of the Ichthys project have been approved by Australian authorities, and construction will begin in the second quarter of 2012.
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© 2012 AFX News
