TotalEnergies and Inpex have joined forces to acquire PTTEP's 100% interest in the AC-RL7 permit, encompassing the Cash and Maple gas fields in the Timor Sea, offshore Australia. This move strengthens the long-term supply of the Ichthys LNG natural gas liquefaction plant, in which TotalEnergies holds a 26% stake, while Inpex and other Asian minority shareholders own the remaining 74%.

Under the agreement, subject to regulatory approval, TotalEnergies will obtain a 26% interest in the permit, consistent with its Ichthys LNG equity. Inpex will assume operatorship and secure the remaining 74% interest. The AC/RL7 permit covers an area of 418 sq.km in the Timor Sea, situated around 250 kilometers northeast of the Ichthys offshore facilities.

The acquisition includes the Cash and Maple gas and condensate fields, which were discovered in 2002 and 1989, respectively, and have since been appraised through various wells. These fields are poised to bolster the Ichthys LNG natural gas liquefaction plant's consistent supply. Furthermore, the deal is aligned with efforts made in the Bonaparte CCS Assessment joint venture, aimed at assessing the CO2 storage potential in the region to mitigate emissions from the Ichthys LNG project.

Julien Pouget, Senior Vice President Asia-Pacific, Exploration & Production at TotalEnergies, expressed optimism about the acquisition's potential to cater to the long-term demand for LNG in the Asia-Pacific region.

The Ichthys LNG project operates as a joint venture between Inpex (operator with 66.245% interest), TotalEnergies (26%), CPC (2.625%), Osaka Gas (1.200%), Kansai Electric Power (1.200%), JERA (0.735%), and Toho Gas (0.420%). It covers around 800 km² in the Timor Sea and contributes to TotalEnergies' commitment to enhancing natural gas's share in its sales mix to nearly 50% by 2030.

This collaborative acquisition highlights the strategic moves in the energy sector to ensure stable and sustainable energy supply, aligning with the global transition to cleaner energy sources.