Inpex hopes to be producing early next decade from its Ichthys reservoir, about 450 kilometers north of Broome in the Browse Basin, the Australian newspaper reported, citing Inpex Australia general manager Shinsuke Ban.
The gas reserve, which is due for release in about three months, is expected to be "substantially above" the officially reported 6 trillion cubic feet of gas and 230 million barrels of condensate, the Australian said.
Inpex said it may develop an LNG processing plant on an island in the Bonaparte Archipelago east of the reservoir.
Woodside Petroleum has plans to develop an 8-million-tons-a-year project at the nearby Breacknock and Scott Reef discoveries in the Browse Basin.
