Inpex is set to expedite the development of its $20bn (Y2.97trn) Abadi LNG project in Indonesia, reported Reuters.  

The Japanese oil and gas company, led by CEO Takayuki Ueda, is targeting a commencement date towards the end of this decade. 

In an interview with the news agency, Ueda said: "The Indonesian Government has expressed a very strong hope for accelerating the project." 

The company, which holds a 65% stake in the project, may initiate the front-end engineering design by the end of this year or early next year, according to Ueda.  

"From there it will be two years plus four years for engineering, procurement and construction," he said, adding that production could begin in the late 2020s or early 2030s.  

"Nothing has been finalised... but we want to do this on an accelerated schedule as much as possible," Ueda added. 

Abadi LNG, leveraging the Masela block's gas reserves, is expected to produce up to 9.5 million tonnes of LNG annually at peak capacity.  

The LNG will be exported from a proposed terminal to meet the demands of both domestic industries and international markets.  

The project's progress has been previously hindered by planning changes and Shell's exit. 

Pertamina from Indonesia and Petronas from Malaysia acquired Shell's 35% interest in the project in 2023.  

Japanese Government-backed Inpex is preparing to secure binding contracts with Asian LNG buyers, including those in Japan, as it commences preliminary design work.  

"We believe that LNG is very important as a transitional energy source and that there will be sufficient demand until about 2050, especially in Asia," Ueda noted. 

The project is designed to incorporate carbon capture and storage technology, with potential future adaptations for blue hydrogen and ammonia production. 

The Abadi LNG initiative is set to become Inpex's second major LNG venture after the Ichthys project in Australia, which is on track to achieve its targeted LNG production of 9.3 million tonnes this year.