Oil major Total and its partner Japan's Inpex Corp. are to invest $34 billion in a huge offshore liquefied natural gas project in Australia set to begin production in 2016.
Construction is set to begin in the second quarter of 2012, Total said in a statement on Friday.
Total and Inpex aim to build offshore facilities to produce natural gas and condensate, and an undersea pipeline stretching 885 km to a liquefaction plant in Australia's northern city of Darwin.
The project, in which Total owns a 24 percent stake, had initially been estimated to cost some $20 billion but will end up costing more because of strict environmental conditions imposed by the Australian government....MORE
Friday, January 13, 2012
Big Money in Liquified Natural Gas: "Total, Inpex to invest $34 bln in LNG in Australia"