INPEX is at a crucial moment in its corporate history. The company is close to concluding the largest and most complex development it has ever undertaken, and there is immense pressure to deliver. Timely execution of the US$37 billion Ichthys LNG project will underpin INPEX's financial position, production growth and reputation. Resource competition, contractor disputes and adverse weather conditions have already led to rising costs and project delays. Further postponement and cost overruns are possible, which would erode investor confidence and impact INPEX's medium-term outlook. But the company remains in good financial health despite the prolonged oil price slump.