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MarketScreener Homepage  >  Equities  >  Tokyo  >  Inpex Corp    1605   JP3294460005

INPEX CORP

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Inpex : Shell pursuing $1 billion exit from Indonesia LNG project - sources

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05/03/2019 | 06:57am EDT
FILE PHOTO: Logo of Shell is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama

LONDON (Reuters) - Royal Dutch Shell is moving to sell its stake in Indonesia's $15 billion (£11.5 billion) Abadi liquefied natural gas (LNG) project, industry and banking sources said, following on from an asset disposal programme that has raised more than $30 billion.

Shell, the world's largest buyer and seller of LNG, is raising cash to help pay for its $54 billion purchase of BG Group in 2015 and hopes to raise around $1 billion from the sale of its 35 percent stake in the project, the sources said.

Shell's decision to sell out of the Abadi project in the Masela block, operated by Japanese oil and gas firm Inpex Corp which holds the remaining stake, highlights the difficulty Southeast Asia's largest economy has in attracting energy investment.

Shell, Inpex and an official with Indonesia's Energy and Mineral Resources all declined to comment.

Construction was due to start in 2018, but in 2016 was delayed until at least 2020 after Indonesian authorities instructed a switch from an offshore to an onshore facility.

Inpex and Shell are now preparing a new Plan of Development for submission this year, Shell's annual report revealed.

The project is not expected to be operational until at least 2026, but Inpex has started preliminary front end engineering design for an LNG plant with an annual capacity of 9.5 million tonnes.

Dwi Soetjipto, chairman of Indonesian oil and gas task force SKK Migas, said in March that the government and the operators have not agreed on the cost for the project and the government has not approved the revised development plan.

LNG GROWTH

Shell sees LNG as a central pillar of the world's transition to lower carbon energy in the coming decades. The super-chilled fuel allows easier transportation of natural gas, the least polluting fossil fuel, but is relatively expensive to develop.

The decision to sell out of Abadi comes weeks after the Anglo-Dutch company decided to exit a major Baltics LNG project led by Russian state gas giant Gazprom.

Shell last year gave the green light for the development of a $31 billion LNG export terminal in Western Canada, known as LNG Canada.

Chief Financial Officer Jessica Uhl said on Thursday that overall Shell was happy with its LNG portfolio and was confident of its ability to grow it in line with the market.

(Additional reporting by Wilda Asmarini in Jakarta, Yuka Obayashi in Tokyo; Editing by Alexander Smith)

By Ron Bousso

Stocks mentioned in the article
ChangeLast1st jan.
GAZPROM PAO End-of-day quote.
INPEX CORP -2.61% 967.2 End-of-day quote.0.05%
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Financials (JPY)
Sales 2019 993 B
EBIT 2019 -
Net income 2019 104 B
Debt 2019 668 B
Yield 2019 2,42%
P/E ratio 2019 14,65
P/E ratio 2020 8,51
EV / Sales 2019 2,13x
EV / Sales 2020 1,66x
Capitalization 1 452 B
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Number of Analysts 9
Average target price 1 516  JPY
Spread / Average Target 53%
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Managers
NameTitle
Takayuki Ueda President & Representative Director
Toshiaki Kitamura Chairman
Masahiro Murayama Director, General Manager-Finance & Accounting
Takahiko Ikeda Director, GM-Technology & Head-Compliance
Takashi Kubo Managing Executive Officer & GM-Information System
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