BAKU, Azerbaijan, July 3
By Leman Zeynalova – Trend:
Japan-based INPEX company will optimize investments, costs and its portfolio to strengthen resilience to low oil prices, Trend reports with reference to the company.
“In addition, by conducting exploration and development work around existing oil and gas fields and taking advantage of existing production facilities, we will shorten development periods and pursue production start-ups at an early stage, making a strong push for more resilient upstream businesses. In parallel, by promoting the Ichthys LNG Project in Australia and the Abadi LNG Project in Indonesia, we will advance the shift to natural gas, which is a cleaner energy source. Furthermore, we will appropriately address the transition to a net zero carbon society by making our upstream businesses cleaner. This will be achieved through measures such as rigorous energy saving initiatives and energy efficiency improvements,” said INPEX.
For existing businesses, the company will focus on projects in core business areas including Australia, Indonesia, Abu Dhabi and Japan, whilst maintaining an awareness of making operations more efficient and optimizing investments.
‘In the fiscal year ended December 31, 2020, the Ichthys LNG Project in Australia continued to operate smoothly, shipping 122 LNG cargoes. In the fiscal year ending December 31, 2021, we expect the project to ship approximately 10 cargoes per month, and we will continue to drill production wells to maintain stable production and also install required facilities. In the Abadi LNG Project in Indonesia, we signed memorandums of understanding in 2020 with an Indonesian government-owned electricity company, a government-owned fertilizer company and a government-owned gas company regarding the long-term domestic supply of LNG and natural gas in Indonesia. Although COVID-19 is expected to cause delays, we are making preparations for Front End Engineering and Design (FEED) work, such as acquiring a variety of local data, with the aim of starting this work at an early stage. We will continue to promote the Abadi LNG Project, aiming to start production in the latter half of the 2020s,” INPEX said.
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