According to latest news from Japan oil and gas industry, Inpex Corp is going to build a liquified natural gas plant in 2016 at Timor Sea in Indonesia. It has estimated that this project would cost almost $10 billion.
This particular estimate is fifty percent of a previous governmental estimate. Estimates have been reduced as expenses related to infrastructure have come down. Indonesian government has agreed to this project on principle.
This project of Inpex Corp a major company of oil and gas industry in Japan is expected to cater to consumers of gas and related products in Japan. However, Indonesian government has also expressed interest in receiving a certain amount of supply for its domestic market. Inpex has also announced that it would construct its Ichthys liquified natural gas project at Darwin in Northern Territory, Australia.
It is critical for oil and gas industry of Japan to make sure that there is some stability regarding supply of natural resources as it depends on other countries for such resources. As per a ministerial message delivered by Toshihiro Nikai, minister of economics, trade and industry in Japan, there would be efforts at governmental level in 2009 to bring about improvement in this aspect of oil and gas industry at Japan. A number of resource development projects would be carried out for benefit of Japan oil and gas industry so that there is abundant and stable supply of natural resources.
In June 2008 Japan and China had signed an agreement whereby they had agreed to explore East China Sea for resources of natural gas. However, in an unexpected development for Japan oil and gas industry, a dispute has flared up between China and Japan regarding Tianwaitan gas field, which is being laterally developed by China.
Osaka Gas, which is a major name of Japan oil and gas industry, has declared that it is in talks with Oman regarding selling a minority stake in Senboku Natural Gas Power Generation Company. Main aim behind this deal is to get a consistent supply of liquified natural gas as per Akio Nomura who is chairman of Osaka Gas.