(SeeNews Asia Pacific) - Mar 16, 2012 - Japan's Inpex Corp (TSE:1605) said today it had agreed to acquire a 17.5% interest in the Prelude gas project in Australia from Anglo-Dutch oil major Royal Dutch Shell (AMS:RDSA, LSE:RDSA).

Japan's biggest oil and gas explorer did not disclose the price of the stake in the world's first project for the production of a liquefied natural gas (LNG) on a floating facility.

This transaction is subject to certain regulatory approvals, including that of the Australian government.

The Prelude project is located off the coast of Western Australia and its LNG production is estimated to reach at least 3.6 million tonnes per annum upon becoming operational after several years. The commissioning is expected around 10 years after the Prelude gas field discovery in early 2007.

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