(Source: Shutterstock.com)
TotalEnergies and INPEX have reached an agreement to acquire Thailand’s PTT Exploration and Production Public Co. Ltd. (PTTEP) 100% interest in the AC-RL7 permit in Australia. TotalEnergies will acquire a 26% interest in the permit in line with its equity in Ichthys LNG, while INPEX will acquire the remaining 74% and operatorship of the permit.
Financial terms were not disclosed.
The AC-RL7 permit encompasses an area of approximately 160 sq miles in the Timor Sea, 155 miles northeast of the Ichthys offshore facilities. This permit includes both the Cash and the Maple gas and condensate fields, which have been appraised by several wells since their discoveries. The development of these fields is expected to contribute to the long-term supply of the Ichthys LNG natural gas liquefaction plant.
“Thanks to this joint acquisition together with our partner INPEX, we are pleased to secure additional resources for the future supply of the Ichthys LNG plant,” said Julien Pouget, Senior Vice President of Asia-Pacific, Exploration & Production at TotalEnergies. “These resources will help us to meet the long-term demand of our customers in the Asia-Pacific region for LNG.”
The terms of the agreement are subject to approval by the relevant authorities.
Recommended Reading
RWE Slashes Investment Upon Uncertainties in US Market
2025-03-20 - RWE introduced stricter investment criteria in the U.S. and cut planned investments by about 25% through 2030, citing regulatory uncertainties and supply chain constraints as some of the reason for the pullback.
Expand Energy Picked to Join S&P 500
2025-03-10 - Gas pureplay Expand Energy will be elevated on March 24 from its position in the S&P MidCap 400 index.
Japan’s JAPEX Backs Former TreadStone Execs’ New E&P Peoria
2025-03-26 - Japanese firm JAPEX U.S. Corp. made an equity investment in Peoria Resources, led by former executives from TreadStone Energy Partners.
Waterous Raises $1B PE Fund for Canadian Oil, Gas Investments
2025-04-01 - Waterous Energy Fund (WEF) raised US$1 billion for its third fund and backed oil sands producer Greenfire Resources.
1Q25 Trend: US Producers Pivot on Market Uncertainty, Cut Capex and Rigs
2025-05-14 - Macro volatility and price uncertainty topped most discussions in first-quarter earnings calls as companies including Diamondback Energy, Occidental Petroleum and Coterra Energy reduce spending and rig counts.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.