Japan’s top oil and gas developer, Inpex Corp (1605.T: Quote), said on Tuesday it now sees the start of liquefied natural gas (LNG) production from the Inpex-operated Abadi gas field in the Masela block of the Timor Sea in 2018, delayed from the previous plan of 2016.
Indonesia has approved an initial development plan for a liquefied natural gas floating terminal for the project. The floating LNG project will have capacity of 2.5 million tonnes per year, lower than a previously proposed capacity of 4.5 million tonnes. [ID:nL3E6ND0S2
An Inpex spokesman said the final investment decision would be made by the end of 2013.
Inpex has a 90 percent stake in the Masela block in Maluku province while PT Energy Mega Persada (ENRG.JK: Quote), a unit of the Bakrie Group, holds the rest.