Australia’s Ichthys project breaks Japanese oil and gas share record

Shares of Japan’s total oil and gas imports and domestic production rose to a record high of 34.7 %from April to March 2019, boosting the stock of the new Australian Ichthy LNG project.

The Ministry of Economy, Trade and Industry says that in the years 2018 to 2019, this ratio increased to 29.4% and Japanese companies registered their production in the Australian LNG project and then increased the production in various oil and gas fields.  They raised the value of their shares.

During the years 2018 to 2020, after comparing with the years 1973 to 1975, this ratio reached its highest level.

This increase will continue and by 2030, Japan will increase its oil and gas stocks to more than 40%.

In fiscal year 2020 to 2021, when oil and gas imports were significantly reduced due to the outbreak of the corona virus, the ratio of oil and gas stocks will increase because this ratio is directly related to the amount of imports and domestic production.

According to forecasts, the Ichthys project will send more cargo to other oil and gas fields than in 2019, including the Gharraf oil field in Iraq, where shipment will begin on July 21.