Japan's biggest oil and gas explorer, Inpex Corp, lifted its full-year profit forecast by 14% to a record 400 billion yen ($2.7 billion) thanks to higher-than-expected oil and gas prices and the yen's plunge against the U.S. dollar. "Stronger oil and gas prices and the yen's weakness were positive factors, but stable operation at the Ichthys LNG project (in Australia) also contributed to our solid performance," Daisuke Yamada, Inpex's managing executive officer, told a news conference. "We may consider selling the project," Yamada said, adding that Inpex had already posted a similar loss of about $300 million on the stake in 2020 after buying the 100% stake in the project in 2019.
Q2 2022 Inpex Corp Earnings Presentation
Shell Plc on Wednesday told workers at its Prelude floating liquefied natural gas (FLNG) facility it would stop paying them as of Monday after they extended industrial action for two more weeks over a long-running wage dispute. Shell last week began shutting down the 3.6 million tonne a year site off northwestern Australia and told customers it would be unable to supply LNG cargoes for as long as the protected industrial action - work stoppages approved by Australia's Fair Work Commission - continued.