Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN1 July 2011

Restructure of Group Companies, Ichthys Project, Australia

INPEX CORPORATION (INPEX) is pleased to announce today that its affiliate INPEXBROWSE, LTD. (the Company), which has been acting as Operator of the Ichthys Project,has decided to undertake a legal restructure that requires the transfer of the Company’sassets to newly created Australian companies. This will be effective as of 1 July 2011.
The Company’s assets related to the Ichthys Project will be transferred to the newly
established Australian entity ‘INPEX Holdings Australia Pty Ltd’ (1st step). Then, thoseassets transferred to INPEX Holdings Australia Pty Ltd will be further transferred to threeother Australian resident entities ‘INPEX Ichthys Pty Ltd’ (upstream equity ownercompany), ‘INPEX Operations Australia Pty Ltd’ (project operation and managementcompany) and ‘Ichthys LNG Pty Ltd’ (natural gas liquefaction and LNG marketingcompany) (2nd step).

Note INPEX’s shareholding in Ichthys LNG Pty Ltd is limited to 76%.

These two steps proceeded on 1 July 2011.
The resulting structure is depicted below and the Ichthys Project ownership remains
consistent with INPEX’s existing ownership.

At completion of the restructure, thefollowing companies will exist to jointly control the Ichthys Project activities; INPEX Ichthys
Pty Ltd, INPEX Operations Australia Pty Ltd and Ichthys LNG Pty Ltd.
INPEX Browse, Ltd.

Transferring assets of Ichthys project (1st step)
100% owned
Holdings company in Australia(INPEX Holdings Australia Pty Ltd)

Transferring assets of Ichthys project (2nd step)

100% owned

INPEX Operations
Australia Pty Ltd(project operation and managementcompany)

100% owned

76% owned

INPEX Ichthys Pty Ltd

Ichthys LNG Pty Ltd(upstream equity owner company)(natural gas liquefying and LNGmarketing company)

Ichthys Project RestructurePublic Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANINPEX seeks the continued support from the Australian Government, the Western
Australian Government, the Northern Territory Government and other stakeholders forearly and optimal commercial gas and condensate production from the Ichthys Project as
before.

About INPEXINPEX CORPORATION is a worldwide oil and gas exploration and production company
currently involved in more than 70 projects across 26 countries.

INPEX is ranked in the global

upstream companies and is listed on the Tokyo Stock Exchange.

INPEX has been a part of

the Australian business community since 1986 and is involved in a number of projects inAustralia and the Timor Sea, including the large-scale Ichthys Project, Van Gogh Project,
Ravensworth Project, Bayu-Undan Development and Darwin LNG.

About the Ichthys Project
The Ichthys Project is a Joint Venture between INPEX group companies (76%, the Operator)
and Total group companies (24%). Gas from the Ichthys Field, in the Browse Basin offshore
Western Australia, will undergo preliminary processing offshore to remove water and raw
liquids, including condensate.

The gas will then be exported to the onshore processing

facilities in Darwin via an 885km subsea pipeline.

The Ichthys Project is expected to produce

8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with 100,000 barrelsof condensate per day at peak.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233