Inpex, the Japanese energy firm that operates the Ichthys LNG plant offshore Western Australia, is raising condensate supply from the project to the local Australian market, which grapples with a fuel crisis in the wake of the Middle East war.
Inpex on Monday said that it “is taking decisive action to support Australia’s fuel security by making additional Ichthys condensate cargoes available to domestic refiners, helping ensure reliable fuel supply amid ongoing global uncertainty.”
A condensate cargo of about 630,000 barrels will depart from Ichthys in the Browse Basin offshore Western Australia in late April 2026, with delivery to one of Australia’s east coast refineries scheduled for May. Condensate is a critical feedstock for local refineries, underpinning the production of essential transport fuels such as petrol, diesel, and jet fuel.
Inpex also plans to offer another condensate cargo of a similar size in the coming months. The second cargo will be preferentially offered to Australian refineries, with timing and delivery subject to the refinery’s operational requirements and agreement on commercial terms, the operator of the Ichthys LNG project said.
“Making additional Ichthys condensate available to Australian refineries demonstrates our strong partnership with industry and government and our responsibility as a long-term supplier supporting Australia’s energy security,” said Tetsu Murayama, INPEX Managing Director, Country Chair Australia.
Australia relies on imports of petroleum products despite being a major gas and oil producer.
The war in the Middle East roiled global oil and fuel markets, forcing Australia’s government to intervene to preserve domestic supply and protect consumers by halving the fuel excise on gasoline and diesel for three months in a bid to alleviate financial stress from spiking fuel prices.
Australia’s government also intends to consider using emergency powers to protect domestic natural gas supply in case of a shortfall on its east coast in the third quarter of 2026.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- Oil Tanker Confusion as Trump Announces Blockade
- Europe’s Jet Fuel Shortage Arriving in Weeks
- LNG Shock Hits Asia as War Disrupts Gulf Exports and Prices Soar
