JAPEX to join shale gas development project in Canada.
Japan Petroleum Exploration Co., known as JAPEX, said Monday it will participate in a shale gas development and production project undertaken by Malaysian national oil company Petroliam Nasional Berhad, or Petronas, in western Canada.
By acquiring a 10 percent stake in the project to produce 12 million tons of liquefied natural gas annually from late 2018, JAPEX will export 1.2 million tons of LNG to Japan. The value of the deal was not disclosed.
Petronas is producing shale gas in the natural gas blocks of North Montney, British Columbia, and will increase production several times in the future, according to JAPEX.
The LNG exported to Japan will be received at a JAPEX facility to be built at a port in Shinchi, Fukushima Prefecture, for domestic sale.
With LNG prices remaining high, JAPEX said the deal will enable it to procure LNG at lower prices than current levels.
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|Publication:||Japan Energy Scan|
|Date:||Mar 4, 2013|
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