Gas, and LNG in particular, is at the heart of INPEX Corporation (INPEX). The company announced its first LNG cargo on 23 October 2018 from the Ichthys Browse basin mega-project in Australia, a crucial moment in INPEX's corporate history. Icthys' first LNG marks the conclusion of a formidable 81 months and US$43 billion effort, plagued by development delays and cost blowouts. Exploration will also be key in INPEX's long-term strategy, with activities focused in its priority areas: northwest shelf Australia, Gulf of Mexico (GoM) and Norway. It has adopted an aggressive acreage capture strategy in an effort to rebuild its opportunity set. Most recently, INPEX and Chevron were awarded acreage in Mexico's deepwater Perdido Fold Belt, and the company is partnered with LUKOIL in its giant (we estimate 3 bil boe) oil discovery in Block 10 in Iraq. This has still not been enough to create value in our study period.