Inpex to Acquire JERA's Stake in Ichthys LNG, Boosting Ownership to 68.6%

Inpex announced on Friday that its Australian subsidiaries have agreed to acquire a 0.735% participating interest in the Ichthys liquefied natural gas (LNG) project from subsidiaries of JERA. The deal, which is subject to Australian regulatory approval, will increase Inpex's total stake in the project to 68.555%.

Deal Details

The acquisition boosts Inpex's ownership from its previous level of 67.82%. According to a company statement, the transaction is expected to have a minimal impact on Inpex's consolidated financial results.

The purchased interest covers several key assets, including:

• Stakes in blocks WA-50-L and WA-51-L, which contain the Ichthys gas-condensate field.
• Shares in Ichthys LNG Pty Ltd, the entity that owns the project’s export pipeline and liquefaction facilities and handles LNG marketing.

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Pre-emptive Rights Exercised

Inpex's move to consolidate its holding was made possible by exercising pre-emptive rights under the project's joint operating and shareholder agreements. This action prevents the stake from being sold to an outside party.

The decision followed JERA's notification to partners of its intention to sell the interest. JERA had previously agreed in December 2025 to sell its Australian subsidiary, which holds the stake, to MidOcean Energy. Inpex's move underscores its strategic commitment to the long-term operation and control of the major Australian energy asset.