30 March 2004
Tokyo Electric Power Company, Incorporated
Tokyo Gas Co., Ltd.
Tokyo Electric Power Company, Incorporated (TEPCO) and Tokyo Gas Co., Ltd.
(Tokyo Gas) participate, through Tokyo Timor Sea Resources Inc., in the
Darwin LNG Project including development of Bayu-Undan field, production,
transportation and liquefaction of gas. Following the start of production
in the Bayu-Undan field on 10 February 2004, TEPCO and Tokyo Gas announced
that the Bayu-Undan field Development Project made the first shipment of
339,742 barrels of condensate destined for the Asian market today.
The Bayu-Undan field is located about 250 kilometers off the southern coast
of Timor-Leste and 500 kilometers offshore from Darwin in Australia.
The field contains estimated recoverable hydrocarbons of 400 million barrels
of petroleum (liquefied petroleum gas and condensate*) and 3.4 trillion cubic
feet of natural gas.
The first condensate shipment marks an important milestone for the commercial
success of the Project. The first shipment of LPG is planned in May 2004,
and the Project is expected to be a major supplier of condensate and LPG to
the Asian market. As to natural gas, pipeline and liquefaction plant
construction (to provide an annual LNG production capacity of 3.52 million
tons) is proceeding smoothly, and the commencement of LNG shipments to TEPCO
(2 million tons/year) and Tokyo Gas (1 million tons/year) is planned for the
first quarter of 2006.
TEPCO and Tokyo Gas have already started LNG transportation business with
their own ships. The participation in the Darwin LNG Project means that the
two companies actively get involved in the whole LNG chain: gas development
and production, liquefaction, transport, and consumption of LNG in the power
generation and the gas distribution. TEPCO and Tokyo Gas believe that the
involvement in the whole LNG business chain will ensure them a stable and
economic supply of the fuel and city gas feedstocks.
Both TEPCO and Tokyo Gas will make every effort to make a further success of
the Project, together with the relevant governmental authorities of Timor-Leste
and Australia, relevant local government and authorities as well as
ConocoPhillips of the US, Eni of Italy, Santos of Australia, and INPEX of Japan.
* Condensate: Very light crude oil utilized in the production of gasoline,
naphtha, aromatics, etc.
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