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Indonesia approves Inpex's plan for $20B Masela LNG project

Indonesia’s energy ministry has approved a revision by Japan’s Inpex Corp of its development plan for the $20 billion Masela natural gas project, upstream oil and gas regulator SKK Migas said.

Regulator Chairman Dwi Soetjipto said the details of the approved plan were the same as agreed in a deal signed last month, including the timeline, estimated costs and fiscal conditions.

Inpex had to revise the gas block development plan, causing years of delay, after a government order in 2016 to move the project inland, versus the earlier plan for development offshore.

The Japanese oil and gas company, which controls 65% of the project, is expected to proceed with their final investment decision for the project, Soetjipto said.

The liquefied natural gas (LNG) plant, which will have a capacity of 9.5 million tonnes per year, is expected to start operations in 2027, he said.

In a heads of agreement signed in June, Indonesia gave Inpex initial approval for a 27-year contract extension to 2055.

An Inpex spokesman in Jakarta said the company has not yet received an official notification from the government regarding the approval of the revised plan.

Reporting by Wilda Asmarini; Writing by Fransiska Nangoy; Editing by Clarence Fernandez and Christian Schmollinger


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FEATURED COLUMNS

Editorial Comment: The Future of FLNG: Less is More?
-Adrienne Blume
Global LNG export capacity is expected to increase by 45% between 2017 and 2022, to more than 400 metric MMtpy, with 90% of the new capacity coming from sanctioned projects in the U.S. and Australia. By 2050, this capacity is anticipated to exceed 700 MMtpy. Regasification capacity is anticipated to increase even more sharply.
Executive Viewpoint: Back to production: Where we’re going, we don’t need pipelines
-Mark Casaday
What if a cost-effective way existed to extract and distribute natural gas, regardless of proximity to pipeline, and bring those assets back to production? What if the industry went in a direction that did not need pipelines? For those looking to monetize unproductive natural gas assets or bring unproductive wells back to production, it would be revolutionary.
Regional Focus:Australia to boost LNG exports despite domestic gas shortage
-Eugene Gerden
Australia is planning further increases in LNG production and exports over the next decade, despite quickly depleting reserves and a looming supply shortage in the domestic market.


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