The Minister for Resources and Energy, Martin Ferguson AM MP, has welcomed the announcement from the Inpex Corporation that the contract for Front End Engineering and Design (FEED) of its liquefied natural gas (LNG) plant in Darwin has been awarded.
The INPEX project is now the second Australian LNG project to be at FEED stage of development, with the Western Australian Gorgon project being the other.
Minister Ferguson said: "With both INPEX and Gorgon, the Government hopes FEED outcomes are successful and lead to Final Investment Decisions which will secure more LNG investment for Australia and the jobs, export dollars, government revenue, and economic growth that comes with them.
"In addition, I am pleased that feasibility work on the coal seam methane-based LNG projects in Queensland is also continuing full steam ahead.
"In the present economic climate, the value of such projects and the importance of such investment to the Australian economy cannot be overstated.
"With Woodside's Pluto project now in advanced construction, it is vital that further Australian LNG investment is ready to follow on.
"We have to keep an eye on the long term and the reality is that notwithstanding the current economic conditions, robust economic growth will return and demand will grow for clean energy sources such as LNG in our region.
"Australia has to be prepared to meet those future LNG markets."
To be developed off the coast of Western Australia by Japan's INPEX Corporation in partnership with the French oil major, Total, the Ichthys Project is estimated to have almost 13 trillion feet of gas and more than 500 million barrels of condensate.
Minister Ferguson said: "The INPEX project demonstrates Australia is a very attractive place to invest within a competitive international market. It also confirms Australia can play an important role in providing our region with a secure and reliable supply of clean energy.
"Australia is the third largest LNG exporter in the Asia Pacific region and the fifth largest in the world. Our LNG export industry is making a significant contribution to Australia's economy and it has significant potential to be even bigger."