Inpex

What Inpex does

INPEX is Japan's largest petroleum and exploration company, publicly listed on the Tokyo Stock Exchange and operating in more than 20 countries with a strategic focus on the Indo-Pacific region. The modern entity was formed in 2008 through the merger of INPEX, Teikoku Oil, and INPEX Holdings, and the company's relationship with Australia dates to 1986. Core operations center on upstream oil and gas production and the liquefaction, transport, and sale of LNG, with the flagship Ichthys LNG project (67.82% interest) producing 9.3 million tonnes per annum of LNG and 1.65 mtpa of LPG from the Browse Basin via a 890-kilometer subsea pipeline to Darwin. Beyond Ichthys, INPEX holds interests in Bayu-Undan/Darwin LNG (11.4%, Santos-operated), Prelude FLNG (17.5%, Shell-operated), Coniston/Van Gogh/Novara oil fields (47.5%, Santos-operated), Ravensworth (28.5%, Woodside-operated), and is developing the Abadi LNG project in Indonesia (65% operator interest via INPEX Masela).

The company's business model is built on long-term, oil-indexed offtake contracts with Japanese utilities (JERA, Kansai Electric, Osaka Gas, Toho Gas) and other Asian energy buyers, with contract durations of 10-20+ years. Revenue streams include LNG sales, crude oil and condensate production, LPG, and pipeline gas. Distribution is via dedicated LNG carriers and subsea-to-onshore pipelines, with deepwater production systems (FPSOs) and onshore liquefaction facilities forming the technical backbone. INPEX is also pursuing an energy transition strategy with five net-zero businesses targeted by 2030, including renewables via Potentia Energy (50% stake, formerly Enel Green Power Australia), Carbon Capture and Storage (Bonaparte CCS as operator, Ichthys CCS), hydrogen/ammonia (Kashiwazaki Hydrogen Park trials), and unconventional gas development (Beetaloo Sub-basin). Customer relationships are institutional and government-tied, with sales cycles measured in years and partnerships spanning TotalEnergies, Santos, Shell, Woodside, ADNOC, CNPC, bp, and PETRONAS as joint venture participants.

Name

Inpex

Legal name

INPEX Corporation

Website

https://inpex.com.au

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

INPEX is Japan's largest petroleum and exploration company, operating upstream oil and gas production and LNG projects across more than 20 countries with a focus on the Indo-Pacific. It supplies long-term LNG volumes primarily to Japanese utilities through flagship assets including Ichthys LNG and is expanding into renewables and carbon capture.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production (LNG)

NAICS

Natural Gas Extraction (21113), Crude Petroleum Extraction (211120)

SIC

Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industry

LNG Shipping & Marine Transportation (LNG Carriers, Chartering) (EUALAFAC)

Keywords

• Oil and gas exploration
• LNG production
• Natural gas supply
• Upstream energy operations
• Carbon capture storage

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. LNG Sales: Revenue from liquefied natural gas production and sales under long-term contracts to Japanese utilities and Asian buyers. LNG is shipped via specialized vessels to customers globally.
2. Oil and Condensate Production: Crude oil and condensate production from offshore fields, sold at international market prices.
3. LPG Sales: Liquefied petroleum gas produced as a byproduct of LNG processing, sold to customers in Asia.
4. Pipeline Gas Sales: Natural gas sold via pipeline networks to domestic Australian customers and potentially exported.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

INPEX is an independent oil and gas explorer and producer that extracts, processes, and sells liquefied natural gas (LNG), crude oil, condensate, LPG, and pipeline gas from offshore and onshore fields. The company's core product is LNG produced primarily through the Ichthys LNG project in northern Australia, with additional output from Prelude FLNG, Bayu-Undan/Darwin LNG, and several oil fields, sold under long-term contracts to Japanese utilities and Asian energy buyers.

Product overview

INPEX operates a diversified portfolio of oil and gas projects, centered around its flagship Ichthys LNG facility - one of the world's most technically challenging energy developments. The company holds interests in multiple LNG production assets (Ichthys LNG, Darwin LNG, Prelude FLNG), oil fields (Coniston/Van Gogh, Ravensworth), and is expanding into new energy ventures including renewables (Potentia Energy), carbon capture and storage (Bonaparte CCS, Ichthys CCS), and onshore gas development (Beetaloo Sub-basin). The portfolio spans offshore and onshore operations across Australia, with the Abadi LNG project in Indonesia under development.

Differentiator

Problem solved

Functional benefit

Brands

• Potentia Energy: Renewable energy company operating wind, solar, storage and hybrid projects across Australia, formerly Enel Green Power Australia (EGPA)
• Wheatbelt Connect

Products and services

• Ichthys LNG One of the world's most significant LNG projects, producing up to 9.3 million tonnes of LNG and 1.65 million tonnes of LPG per annum, along with more than 100,000 barrels of condensate per day at peak. The project includes offshore facilities (Central Processing Facility and FPSO), an 890-kilometre gas export pipeline, and onshore processing facilities at Bladin Point near Darwin. INPEX holds 67.82% interest and operates the project.
• Bayu-Undan and Darwin LNG INPEX holds an 11.37812% interest in the Bayu-Undan offshore gas and condensate field and corresponding interest in the Darwin LNG facility at Wickham Point near Darwin. Gas is transported via a 502-kilometre pipeline from the Bayu-Undan Field to Darwin for conversion to LNG. Operated by Santos.
• Coniston and Van Gogh INPEX holds a 47.499% interest in the Santos-operated Coniston, Van Gogh and Novara oil fields approximately 40 kilometres offshore north of the North West Cape in Western Australia. Production is serviced by the Ningaloo Vision FPSO vessel.
• Prelude FLNG INPEX holds a 17.5% interest in the Shell-operated Prelude FLNG facility, moored offshore 475 kilometres north-northeast of Broome. Designed to produce 3.6 million tonnes per annum of LNG, 1.3 mtpa of condensate, and 0.4 mtpa of LPG.
• Ravensworth project INPEX holds a 28.5% interest in the Woodside-operated Ravensworth field, one of six fields in the Pyrenees development. Crude oil production started in 2010 and currently delivers approximately 1,700 barrels of oil per day.
• CCS activities Carbon capture and storage initiatives including the Bonaparte CCS Project (proposing to develop a large-scale, multi-user CCS facility approximately 250 kilometres west of Darwin with 53% participating interest as operator) and the Ichthys CCS Project (focusing on capture, dehydration, compression and transport of CO2 from Ichthys LNG onshore facilities).
• New Energy INPEX's Australian new energy business supporting sustainability through renewable energy initiatives including Potentia Energy (operates across wind, solar, storage and hybrid projects with INPEX holding 50%), Wheatbelt Connect (native revegetation and carbon farming partnership), and Bonaparte Carbon Capture and Storage.
• Beetaloo Sub-basin INPEX invested in prospective gas acreage in the Beetaloo Sub-basin, operated by Daly Waters Energy. The basin contains an estimated 500 trillion cubic feet of discovered and prospective gas resources, with first supply planned for Q3 2026. INPEX initially acquired approximately 68,000 net acres through a phased earn-in arrangement worth up to $208 million.

Quantifiable outcome

• 9.3 million tonnes per annum LNG capacity
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered flagship, core, major, significant and growth.

• TotalEnergiesflagshipStrategic or Co-development Partner · 15 October 2012TotalEnergies holds 26% interest in the Ichthys LNG joint venture, the flagship project for INPEX. This is one of the world's largest LNG projects, with TotalEnergies as the largest international partner in INPEX's key asset.
• SantoscoreStrategic or Co-development PartnerSantos operates the Bayu-Undan field and Darwin LNG facility with 11.37812% interest held by INPEX. Santos also holds 47.499% in the Coniston, Van Gogh, and Novara fields in the Northern Territory.
• ShellcoreStrategic or Co-development PartnerShell operates the Prelude FLNG facility where INPEX holds 17.5% interest. This is a key floating liquefied natural gas asset in INPEX's portfolio.
• Woodside EnergycoreStrategic or Co-development PartnerWoodside operates the Ravensworth field where INPEX holds 28.5% interest, as part of INPEX's Australian upstream portfolio.
• CPC Corporation TaiwanmajorStrategic or Co-development PartnerCPC Corporation Taiwan holds 2.625% interest in the Ichthys LNG joint venture, representing a key Taiwanese energy company partnership.
• Osaka GasmajorStrategic or Co-development PartnerOsaka Gas holds 1.2% interest in the Ichthys LNG joint venture, one of Japan's major regional gas utilities partnering in the project.
• Kansai Electric PowermajorStrategic or Co-development PartnerKansai Electric Power holds 1.2% interest in the Ichthys LNG joint venture, representing one of Japan's largest electric power companies.
• JERAmajorStrategic or Co-development PartnerJERA holds 0.735% interest in the Ichthys LNG joint venture. JERA is Japan's largest LNG importer and power generator, formed by joint venture of TEPCO and Chubu Electric.
• Toho GassignificantStrategic or Co-development PartnerToho Gas holds 0.42% interest in the Ichthys LNG joint venture, representing a regional Japanese gas utility.
• PT PertaminaflagshipStrategic or Co-development PartnerPT Pertamina holds 20% interest in the Abadi LNG project (Masela Block) in Indonesia where INPEX holds 65% and operates. This is INPEX's second major LNG development project.
• PETRONASflagshipStrategic or Co-development PartnerPETRONAS holds 15% interest in the Abadi LNG project in Indonesia's Masela Block, partnering with INPEX (operator, 65%) and Pertamina (20%).
• ADNOC (Abu Dhabi National Oil Company)majorStrategic or Co-development PartnerINPEX holds 5% interest in Abu Dhabi's Bab Gas Cap through ADNOC partnerships, representing INPEX's presence in the UAE's oil and gas sector.
• bpsignificantStrategic or Co-development Partnerbp is a partner in INPEX's Abu Dhabi investments, collaborating on upstream oil and gas projects in the UAE.
• CNPC (China National Petroleum Corporation)significantStrategic or Co-development PartnerCNPC is a partner in INPEX's Abu Dhabi investments, working collaboratively on oil and gas ventures in the UAE.
• Formentera Partners / Daly Waters EnergygrowthStrategic or Co-development PartnerINPEX holds interest in the Beetaloo Basin joint venture with Formentera Partners/Daly Waters Energy, exploring for natural gas in Australia's Northern Territory to support domestic gas supply and LNG production.
• Potentia Energy (formerly Enel Green Power Australia)growthStrategic or Co-development PartnerINPEX holds 50% share in Potentia Energy (formerly Enel Green Power Australia), supporting INPEX's transition to cleaner energy and renewables growth strategy.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Woodside Energy: Australia's largest dedicated E&P and LNG producer; operates Browse (where INPEX attempted acquisition) and Pluto LNG. Closest direct competitor in Australian offshore gas and LNG, sharing the same infrastructure corridors and basins.
• Santos: Australian integrated oil and gas company operating Bayu-Undan/Darwin LNG, Coniston/Van Gogh, and Cooper Basin assets; INPEX holds material minority interests in Santos-operated fields. Comparable Australian upstream + LNG portfolio with similar customer base.

Broad incumbents

• ConocoPhillips: US-headquartered independent E&P with deep history in Australia-West (Browse was an asset ConocoPhillips divested). Many INPEX executives are ConocoPhillips alumni. Similar upstream-focused, large-cap E&P business model.
• TotalEnergies: Integrated supermajor and the largest international partner in Ichthys LNG (26%). Operating in Australia LNG (Qatar/PNG), with directly comparable LNG portfolio strategy and similar diversified upstream mix.
• Shell plc: Integrated supermajor operating Prelude FLNG (where INPEX holds 17.5%) and a major global LNG portfolio. Strong comparable as a globally integrated LNG major with upstream, midstream, and shipping.
• BP plc: Integrated supermajor with Abu Dhabi and global LNG positions; partner in INPEX's UAE investments and potential offtake partner in Abadi LNG. Comparable upstream + LNG + energy transition portfolio.
• ExxonMobil: World's largest integrated oil major with PNG LNG, Qatar, and US LNG exposure. Comparable in scale, LNG capacity, and integrated upstream-to-LNG strategy; competes for similar Asian LNG offtake demand.
• Chevron Corporation: Integrated supermajor with Australian LNG (Wheatstone, Gorgon) and Tengizchevroil/TCO exposure in Kazakhstan (analogous to INPEX's Kashagan presence). Comparable integrated LNG and Caspian-region upstream exposure.

Regional players

• Japan Petroleum Exploration (JAPEX): Japan-headquartered E&P with significant domestic and international (Canada, Indonesia, Australia) operations. Closest domestic Japanese peer to INPEX, with smaller scale but similar Japanese policy alignment and Asia-Pacific upstream focus.

Others

• NOVATEK: Russia's largest LNG producer (Yamal LNG, Arctic LNG 2). Operates in a distinct geography but is structurally analogous as a focused LNG-led producer competing in the global LNG market, particularly into Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/inpexaustralia
• Facebookfacebook.com/INPEXAustralia
• LinkedInlinkedin.com/company/inpex
• Instagraminstagram.com/inpexau

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inpex