INPEX : Signs Amendment and Extension to the Production Sharing Contract（PSC）for Abadi LNG Project(PDF 190KB)

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

Oct 11, 2019

INPEX Signs Amendment and Extension to the Production Sharing

Contract（PSC）for Abadi LNG Project

TOKYO, JAPAN - INPEX CORPORATION(INPEX) today announced that through its subsidiary INPEX Masela, Ltd, together with its joint venture partner Shell Upstream Overseas Ltd. (Shell), it has signed the Masela Block Production Sharing Contract (PSC) amendment including 7-year additional time allocation and 20-year extension for the Abadi LNG Project, (the Project), with SKK Migas (Special Task Force for Upstream Oil and Gas Business Activities), in the presence of Ignasius Jonan, Minister for Energy and Mineral Resources of the Republic of Indonesia, in Jakarta. Today's signing marks the execution of a formal agreement on the PSC terms previously agreed and announced as part of the approval of the Abadi LNG Project's Revised Plan of Development (POD) by the Government of Indonesia in July 2019*.

1. Announced on July 16, 2019https://www.inpex.co.jp/english/news/pdf/2019/e20190716.pdf

Signing ceremony

The Project is the first large-scale integrated LNG development project operated by INPEX in Indonesia. The Abadi gas field features excellent reservoir productivity and contains significant resource volumes, raising expectations of efficient development and stable LNG production operations over the long-term. The Project will provide significant

contributions to the Republic of Indonesia and bring multiplier effects to Indonesia particularly in the eastern region.

INPEX will continue to work closely with its partner Shell to deliver a globally competitive onshore LNG development beginning with preparations to commence FEED (Front End Engineering Design).

About INPEX

INPEX CORPORATION is Japan's largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world's oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, developing a global gas value chain business and reinforcing its renewable energy initiatives, INPEX aims to become a leading energy company and continue providing a stable and efficient supply of energy to its customers. For more information, visit www.inpex.co.jp/english/index.html.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) [phone]

REFERENCE

Project	Abadi LNG Project
PSC term	From November 16, 1998 until November 15, 2055
Block location	150 kilometers offshore Saumlaki in Maluku Province
Contract area	Approximately 2,503 square kilometers
Water depth range	400~800 meters
Capacity	Total output of natural gas 10.5 million tons per year including
	- Approximately 9.5 million tons of LNG per year
	- Local gas supply via pipeline
	Up to approximately 35,000 barrels of condensate per day
Participating Interest	- INPEX (INPEX Masela, Ltd.*): 65% (Operator)
	- SHELL (Shell Upstream Overseas Ltd.): 35%
	*(INPEX holds 51.93% of shares in INPEX Masela, Ltd.)
Others	- The Project was listed by the Indonesian government as a
	national strategic project in June 2017 and as a priority
	infrastructure project in September 2017.