Melbourne
*Check against delivery
Ito-san, Mr Sangster, representatives from CPC Corporation, Chubu Electric Power and Toho Gas, ladies and gentlemen.
It is my pleasure to witness the signing of further long-term LNG supply contracts for the Ichthys LNG Project with CPC Corporation, Chubu Electric Power and Toho Gas.
Only last month in Sydney, I attended sales announcements totalling four million tonnes per annum of LNG from the Ichthys Project, involving five of the major Japanese gas utilities.
Today's announcement is just as important, but with the added dimension that it includes the first binding long-term sales contract for the supply of Australian LNG to Taiwan.
This is a major step forward for the Australian LNG industry in opening up a new market.
It will complement our existing and highly valued customers in Asia - Japan in particular.
As I've said before, Japan is Australia's oldest, largest and most valuable LNG trading partner.
Around 70 per cent of current Australian LNG exports go to Japanese customers.
Japan has been receiving Australian LNG since 1989 when the first cargoes left the North West Shelf – a project for which Japan was the foundation customer.
Japan was also the foundation customer for the second LNG project for Australia, Darwin LNG.
Japan was there again as a foundation customer for the Pluto, Gorgon LNG and the Wheatstone Projects.
Japanese customers will also take some of the first LNG exports based on coal seam gas from the Queensland Curtis LNG and Australia-Pacific LNG projects.
We all acknowledge the benefits to both Australia and Japan in continuing to strengthen the natural gas trading partnership between our two nations.
Primary energy policies and energy security are two of the key issues for governments around the world.
We need safe, dependable energy to promote economic growth in Asia, while also contributing to a reduction in greenhouse gas emissions.
Australian LNG can supply that energy.
Today, we add Taiwan to the list of countries that will be powering their economies with clean, safe and reliable Australian LNG.
This sales agreement will boost overall LNG imports to Taiwan by over 15 per cent.
Today's announcement also includes the supply of LNG to Chubu Electric Power and Toho Gas.
This will add to the existing contracts that Chubu has with the North West Shelf and Gorgon projects.
For Toho Gas, this is the second supply contract for Australian LNG.
These two companies supply gas to over 18 million customers in Japan.
I congratulate CPC Corporation, Chubu Electric Power and Toho Gas on the sales agreement.
The Ichthys Project is especially welcome in Australia.
It will be the single biggest investment in an Australian resources project by a Japanese company, through INPEX.
It will also be the first LNG project operated by a Japanese company anywhere in the world.
It includes a commitment to employment for Indigenous Australians and to the Larrakia Trade Training Centre.
The Ichthys Project will also be the largest investment to date by a French company in Australia.
Investments by companies such as INPEX and Total, with support from their LNG customers, will expand Australia's LNG-export capacity to over 80 million tonnes per annum and potentially see Australia become the world's largest exporter of LNG.
The Browse Basin, where those reserves are found, has huge potential.
The development of the Ichthys field will be a key for opening up this potential.
As you know, I am a firm advocate for the efficient, effective and safe development of Australia's offshore petroleum reserves, where that development is commercially viable.
So I look forward to an announcement of a final investment decision from the Ichthys Joint Venture to move this project to the development stage.
Conclusion
These sales agreements further strengthen the enduring trading partnership between Japan and Australia.
They also provide essential support for the ongoing development of Australia's LNG industry and provide a secure and clean fuel for the future of Japan and Taiwan.
I congratulate the Ichthys Joint Venture, CPC, Chubu Electric and Toho Gas.