Total and its joint venture partner INPEX Corporation announced that they have taken the final investment decision for the Ichthys liquefied natural gas (LNG) project in Australia, representing an investment of US$34 billion dollars.

Total holds a 24% interest in the project which will develop approximately 3 billion barrels oil equivalent of reserves, including around 500 million barrels of condensate.

First production is expected at the end of 2016.