INPEX commits to LNG expansion
INPEX have committed to long-term Liquefied Natural Gas (LNG) expansion plans in the Territory, announcing a third train to be developed at the Ichthys LNG onshore processing facility.
Gas Taskforce Chair Alister Trier said this is INPEX’s largest local announcement since confirming it was coming to the Territory in 2011.
“Expansion of the Territory’s LNG Export Hub will bring more than valuable export growth, it will generate more jobs and greater economic contributions to the Territory for generations to come”, said Mr Trier.
The Territory is already Australia's third largest LNG producer, with gas exports generating more than 20 per cent of the Territory’s gross state product, and supporting Australia's 2020 crown as the largest global exporter of LNG.
Mr Trier said there is significant and growing global demand for low-carbon energy sources such as LNG, with over 126 countries committed to 2050 net zero emission targets.
“LNG export expansion will see the Territory harness global demands for cleaner, more affordable energy whilst capitalising on our natural resource competitive advantages.”
The Territory's world-class gas resources are considered one of our strongest advantages and a recognised priority growth sector.
INPEX further confirmed plans for a carbon capture storage facility and a plan to build a 10,000 cubic metre scale methanation plant in Australia.
Mr Trier said balancing energy intensive industry expansion with decarbonisation innovations, such as carbon capture utilisation and storage, is a vital component to sustainable gas-led growth.
Carbon capture, utilisation and storage is an emerging emissions reduction technology. It’s recognised as critical technology in the global climate change action mix to achieve net-zero emissions targets by the International Energy Agency and the Intergovernmental Panel on Climate Change.
“Together we must respond to the challenges of a changing climate in ways which manage risk, contemporise the way we do business, embrace innovation and bold decision making to empower a sustainable economic future,” said Mr Trier.
The development of Middle Arm Sustainable Development Precinct provides further LNG expansion, gas-based processing and advanced manufacturing sector development opportunities, as part of the Territory Government’s vision to develop a world class gas production, manufacturing and services hub by 2030.