What is the current status of the employment agreement vote at Inpex’s Ichthys LNG plant, and what are the potential consequences if it is rejected?

Workers at Inpex’s Ichthys LNG plant are finishing voting on Friday on a new employment agreement; if rejected, it could lead to strike action. The workforce of about 430 is approximately 95% unionised, and members of the Offshore Alliance — a grouping of unions — have expressed dissatisfaction with the offer, citing inadequate pay conditions that fail to keep up with the consumer price index and fall below industry standards. Inpex maintains its offer is fair and competitive, asserting it aligns with the external market and meets or exceeds peer conditions in several areas.

How does the current industrial dispute at Ichthys relate to broader global and domestic LNG supply constraints?

The vote occurs amid significant global and domestic LNG supply pressures: over 20% of the world’s LNG supply has been constrained since February 28 due to the closure of the Strait of Hormuz following the start of the Iran war, and another major Australian LNG facility operates below capacity due to cyclone damage. Australia is the world’s No. 2 LNG exporter, making the Ichthys plant — one of its largest, with a capacity of 9.3 million metric tons — strategically critical; a strike there would further tighten global supply, echoing the 2023 strike at Chevron’s Wheatstone facility which had already tightened global LNG markets.

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