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# Health and safety failure INPEX reaps $1.5b half-year profit from Ichthys LNG
- URL: https://www.boilingcold.com.au/health-and-safety-failure-inpex-reaps-1-5b-half-year-profit-from-ichthys-lng/
- Published: 2026-08-10T09:21:37.000Z
- Updated: 2026-08-10T09:21:37.000Z
- Description: INPEX has spilled oil into Darwin Harbour, exposed offshore workers to dangerous mercury, and been prosecuted for under-reporting toxic emissions by more than 100-fold, all in the past 12 months.
- Author: Peter Milne
- Tags: ⚡️ Shorts, Analysis, INPEX (TYO: 1605), Ichthys LNG, LNG, Gas, Safety

ANALYSIS

On Friday, INPEX released its [half-year results](https://www.inpex.com/english/ir/library/upload/result20260807.pdf?ref=boilingcold.com.au), including $1.93 billion of revenue from its 68 per cent stake in the Ichthys LNG project for a profit of $1.54 billion. 

> "Revenue increased by ¥32.1 billion, or 17.5%, to ¥215.8 billion due to an increase in sales price of crude oil. Profit attributable to owners of parent increased by ¥34.0 billion, or 24.5%, to ¥173.0 billion."

That is an eye-watering 80c in every dollar of sales going straight to the bottom line at a rate of more than $8 million a day, courtesy of the blocked Strait of Hormuz.

This is the same company that in the past year :

- has been prosecuted by the NT Government for [underreporting dangerous benzene and toluene emissions](https://www.abc.net.au/news/2026-08-05/nt-epa-prosecutes-gas-company-inpex/106998434?ref=boilingcold.com.au) from its Ichthys LNG plant near Darwin by a [factor of more than 100](https://www.abc.net.au/news/2025-10-29/federal-government-investigates-gas-giant-inpex-oil-spill/105939714?ref=boilingcold.com.au)
- spilled [36,000 litres of oil](https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.capitalbrief.com/briefing/inpex-admits-oil-spill-at-darwin-alongside-release-of-toxic-emissions-data-ce3f0a04-3b76-4c95-8722-9a97c6620826/&ved=2ahUKEwirpfO0zJWWAxUka2wGHe33OK4QFnoECB8QAQ&usg=AOvVaw2fHz4qLF2Raaeh77oVZYcI) into Darwin Harbour
- [bypassed equipment](https://www.boilingcold.com.au/inpex-safety-shortcuts-exposed-ichthys-lng-workers-and-ocean-to-mercury/) to handle mercury at its offshore facilities, exposing workers to the toxic metal

Before these debacles, its chief executive, Takayuki Ueda, [called for less regulation](https://www.boilingcold.com.au/inpex-chief-executive-expects-australias-help-to-blow-the-paris-agreement/) in Australia.

The Japanese company has the financial capacity to operate Ichthys safely, but instead it is endangering the environment and the health of Australian workers and residents.

INPEX's half-year results indicate that the entire Ichthys project could contribute $1.4 billion to Australia in 2026 if the much-discussed [25 per cent gas tax](https://www.theguardian.com/business/grogonomics/2026/jul/23/gas-exports-tax-pressure-growing-inside-labor-alp-conference?ref=boilingcold.com.au) was implemented.

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