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Japan's Inpex, Shell to buy out Indonesian partner on Abadi LNG project

05.29.2013  | 

Indonesia's PT Energi Mega Persada will sell its 10% of the offshore Indonesia Abadi LNG project to Japan's Inpex and Shell, the companies said in stock exchange filings. The price was not revealed.

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BY ERIC YEP

Indonesia's PT Energi Mega Persada will sell its 10% of the offshore Indonesia Abadi LNG project to Japan's Inpex and Shell, the companies said in stock exchange filings. The price was not revealed.

Inpex already owns 60% and Shell 30%. Each gets an additional 5%. Unit Inpex Masela will get the stake from PT EMP Energi Indonesia, a unit of PT Energi Mega Persada.

Inpex will continue to operate the project, the statement said.

Energi Mega Persada will use the proceeds to pay debt and working capital. The field in the Masela block of the Arafura Sea is estimated to have 18.47 Tcf of certified gas reserves, Energi Mega Persada said.

Inpex plans to build a floating LNG plant with an initial gas production capacity of 2.5 million tons a year.

The Japanese government is Inpex's largest shareholder with a 19% stake.

Dow Jones Newswires



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