Expansion Strategy of the LNG Business-Abadi LNG ProjectManaging Executive Officer, Senior Vice President, Asia Projects
Akihiro Watanabe

0Abadi drilling ship

Abadi LNG Project
Abadi LNG Project Outline

Project ScheduleMarketing and Financing

Project Economics / Anticipated Risks and Mitigation
11. Abadi LNG Project Outline
Block Name

Masela Block

LocationArafura Sea in Indonesia

PeriodUntil 2055

ParticipatingInterest

INPEX 65%
Pertamina 20%
Petronas 15%

PlannedProduction
VolumeLNG 9.5 MTPA
Pipeline Gas 150 mmscfd
Condensate 35,000 boed (at peak)

CCS

Current
StatusTanimbar Islands

Gas Field Location
Timor-Leste

Masela Block

Abadi Gas Field
Australia

Development Concept
Floating Production Storage and Offloading (FPSO)
Gas / Condensate separation

Entire CO2 from the reservoir to be removedand injected.
*CCS operation to start from day 1 of LNG
production.
Revised Plan of Development with CCS
approved in 2023, preparation work for
FEED underway

Indonesia

SaumlakiOnshore LNG Plant (OLNG)LNG 9.5 MTPA

Gas Export Pipeline (GEP)
Length: 180km

Subsea Umbilicals, Risers and Flowlines (SURF)
Water depth: 400-800 meters

CCS
CO2 injection22. Project Schedule
Timeline: Aiming to start production in the early 2030s
FEED Preparation
Underway

FEED(Front-End Engineering Design)
Approx. 2 years

EPCFID(Engineering, Procurement and Construction)
Approx. 5 years

Preparatory activities for FEED are now underway• Onshore / Offshore Geophysical and Geotechnical Survey (G&G Survey)• Tender for FEED
• Environment-related permits, etc.

FID to be taken after FEED (approx. 2 years), EPC (approx. 5 years) follows,then production starts



FEED and EPC to be conducted for each package (OLNG、FPSO、GEP、SURF)

Concurrently with FEED, marketing, financing, land securing and otherrelated activities continue toward FID

Production
Start

Onshore G&G Survey

Offshore G&G Survey

33. Marketing and Financing
Continue marketing and financing activities in parallel with FEED toward FID

Marketing Conducting marketing activities since 2020
 Executed non-binding MOUs / LOIs with buyers mainly from Southeast Asia
(including Indonesia) and East Asia, with their interests exceeding the plannedvolume
 Continuing engagement with the buyers

Financing Conducted market sounding to test the liquidity from commercial banks worldwide
in 2024 Q2
 Sufficient liquidity and adequate buffer to fund the project have been confirmed⇒The Majority of expressed amount came from Asian banks.
44. Project Economics / Anticipated Risks and Mitigation
Project Economics Target: IRR mid-10% range（based on realistic assumptions）

Project Execution Risk
(Green Field Project)• Make the most of the insights /lessons learned from Ichthys
Project experience• Seasoned professionals fromPertamina and Petronas to beseconded to the project
organization

Indonesia Country Risk
• Close communication withGovernment of Indonesia• Alignment with Pertamina – astate-owned entity

Cost / Schedule• More solid and accurate cost /schedule estimate through
FEED

After FEED, INPEX and Government of Indonesia will jointly review the project economics
based on the updated cost/schedule to ensure the project has good enough economics* INPEX IRR target of mid-10% range is well-recognized by Government of Indonesia

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