Ichthys LNG run rate near full capacity as of end-April, says Inpex exec

By Yuka Obayashi

TOKYO, May 13 (Reuters) - The run rate at the Ichthys liquefied natural gas (LNG) plant in Australia, operated by Japan's biggest oil and gas explorer Inpex 1605.T, had recovered to nearly full capacity as of end-April, a company executive said on Tuesday.

The plant's run rate had fallen to 80%-90% in mid-April due to a heat exchanger problem, senior vice president Daisuke Yamada told a news conference.

Ichthys LNG will conduct scheduled maintenance for about a month and a half from mid-August to October, during which Inpex plans to replace the heat exchanger, he said.

Yamada also said production at Ichthys this year would be similar to last year's levels, though he did not specify how many cargoes the plant would export.

Inpex said in mid-April that the plant's rate of production had decreased temporarily. Last year, the plant saw the shutdown of its trains in July and August, as well as a reduction in the rate of operations for the inspection of heat exchangers.

Ichthys LNG is a joint venture between Inpex, TotalEnergies TTEF.PA, and the Australian subsidiaries of CPC Corporation Taiwan, Osaka Gas 9532.T, Kansai Electric Power 9503.T, JERA and Toho Gas 9533.T.

The plant's two processing trains can produce around 9 million metric tons of LNG per year.

Inpex cut its annual net profit forecast by 9% from February's estimate to 300 billion yen ($2.03 billion) on Tuesday, citing lower oil prices and a stronger yen. The company reported a 4% rise in net profit for the January-March quarter.

Asked about potential involvement in the $44 billion Alaska LNG project, Yamada said: "I don't believe it's a project that a private company can pursue with the expectation of making it profitable,” adding that Inpex is not considering anything specific now.

U.S. President Donald Trump has touted the project, which would deliver gas from the state's North Slope fields via an 800-mile-long (1,300-km) pipeline for domestic use and also ship it to Asia as LNG.

($1 = 148.0700 yen)