Japanese oil and gas producer Inpex said Friday it would invest in a $34 billion gas project off Australia along with France's Total, with most of the liquefied natural gas produced sent to Japan.
Inpex will take a 72.8 percent stake in the project while Total will hold 24 percent.
The rest will be invested by Japanese gas firms after approval by the Australian government, with Tokyo Gas taking 1.575 percent, Osaka Gas 1.2 percent and Toho Gas 0.42 percent.
"Inpex Corp. and Total SA today confirmed the Final Investment Decision (FID) on the US$34 billion Ichthys LNG Project," the Japanese company said in a statement.
The Ichthys LNG project is one of the world's largest LNG facilities based on an estimated 40 years of gas and condensate reserves from the Browse Basin offshore Western Australia, according to Inpex.
"In delivering this important Project into production we will be securing vital long-term energy supply to Japan and our other customers while delivering sustainable economic and social benefits across Australia," it said.
The project will build onshore gas processing facilities in Darwin to produce 8.4 million tonnes of liquefied natural gas (LNG) per annum.
The production volumes represent more than 10 percent of Japan's LNG imports at current levels.
Most of the produced LNG will come to Japan, an Inpex spokesman.