Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that the joint
venture holding the Australian exploration permit WA-285-P (Total
24%, INPEX 76% operator) has decided to launch the Front End
Engineering and Design (FEED) for the development of the Ichthys
field, located in the Browse Basin approximately 200 kilometres
offshore North West Australia and approximately 850 kilometres to
the west of Darwin.
With proved and probable reserves estimated to be around 530
million barrels of condensate and 12.8 trillion cubic feet (tcf) of
natural gas, Ichthys is one of the largest discoveries in
Australia, and will be the first major gas development in the
Browse Basin Region.
Yves-Louis Darricarrère, President Exploration and Production
Total, said: "With the launch of the Ichthys field offshore FEED,
the project enters a new phase in which the facilities are defined
and evaluated in more detail prior to the Final Investment
Decision. Total, which is very active worldwide along the entire
Liquefied Natural Gas (LNG) chain, from field exploration and
production to gas trading, is committed alongside INPEX to the
development of the Ichthys project to deliver LNG to the
markets".
About the Front End Engineering Design
During the Ichthys field FEED, the joint venture will define the
production facilities comprising a subsea gas gathering network, a
floating central offshore processing facility for the gas, a
floating production storage and offloading unit for the condensate,
and a gas pipeline to Darwin.
A separate FEED for a LNG plant located onshore in Darwin to
liquefy the gas produced from Ichthys was launched in January 2009.
The LNG plant will contribute to the local economy, providing
employment for more than 2,000 people during the plant
construction, and for about 300 once in operation.
About Ichthys
The Ichthys field was discovered by the drilling of the Brewster
1A exploration well in 1980. INPEX acquired the exploration permit
in 1998 and has drilled eight further wells to appraise the field.
Total joined the project in mid-2006. First production, aimed at
the Asian market, primarily Japan, is expected in the middle of the
next decade.
The project represents a major development for Total. Ichthys
will have a production capacity of over 300,000 barrels of oil
equivalent per day, including 100,000 barrels per day of
condensates, 1.6 million tonnes of Liquefied Petroleum Gas (LPG)
per year and approximately 8.4 million tonnes of LNG per year.
Total Exploration and Production in Australia
In addition to its involvement in the Ichthys project, Total
operates four exploration permits in Australia, and will begin a
drilling campaign early in 2010. Total E&P Australia is also
present in nine other exploration permits. A first discovery, Mimia
(Total 40%, INPEX 60%) in exploration permit WA-344P in the
vicinity of Ichthys, was made in 2008.
Total E&P Australia inaugurated its Perth office in 2008,
consolidating its presence in Australia, and preparing for future
increases in its exploration activities.
In Australia, as in all countries in which the Group is present,
Total acknowledges its responsibility towards safety and the
environment. Ensuring the safety of people who work on its projects
is a key priority for Total. Reducing the impact of its activities
on the environment is a key theme of the Group's commitment to
sustainable development.
Total and LNG worldwide
Total is a leading player in the LNG sector, with solid and
diversified positions. Total is active in almost all LNG producing
regions and main LNG markets, and continues to develop LNG as a key
component of its development strategy.
The Group produces LNG in Indonesia, Qatar, the United Arab
Emirates, Oman, Nigeria and Norway. The start-ups of Yemen LNG in
the middle of this year and Qatargas 2 Train B later in the year
will increase Total's LNG production in 2010 by about 50%. Angola
LNG which is currently under construction will complement this
portfolio in 2012.
For the future, new liquefaction projects are being studied,
including Shtokman in Russia in partnership with Gazprom, as well
as new projects in Nigeria.
The Group also secured long-term access to LNG regasification
capacity located in key LNG markets: North America (United
States-Sabine Pass and Mexico- Altamira), Europe (France- Fos Cavou
- coming onstream in the summer and UK South Hook, currently in the
process of starting up) and Asia (India- Hazira).
With the decision to move Ichthys into the FEED phase, Total
confirms its strategy of growth in this segment, and its commitment
to maximize the value of its resources from this Australian permit
in close partnership with INPEX.
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Total is one of the world's major oil and gas groups, with
activities in more than 130 countries. Its 97,000 employees put
their expertise to work in every part of the industry - exploration
and production of oil and natural gas, refining and marketing, gas
& power and trading. Total is working to keep the world
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first rank player in chemicals. www.total.com
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