Tokyo Gas acquires stake in Australian gas exploration project.
Tokyo Gas Co. said Thursday it has acquired a 5 percent stake in an offshore natural gas exploration project run by Woodside Energy Ltd. in Western Australia.
The Japanese gas utility said its investment in the Cazadores project will total several hundred million yen, including the stake acquisition cost.
Tokyo Gas earlier bought a stake in the Pluto gas field that is close to the Cazadores project site and is set to produce natural gas in 2010.
If gas is found at the Cazadores site, a plant for the Pluto project may be used for liquefying Cazadores natural gas for export to Japan, Tokyo Gas said.
Production at the Cazadores site could start as early as 2012, it said.