Japan's Marubeni to buy 35% stake in US shale oil and gas project

06 January 2012 07:50  [Source: ICIS news]

SINGAPORE (ICIS)--Marubeni Corp has entered into an agreement with US-based Hunt Oil Co to acquire a 35% stake in the Eagle Ford shale oil and gas project in Texas for $1.3bn (€1.01bn), the Japanese trading house said on Friday.

The Eagle Ford oil and gas shale project, covering about 52,000 net acres of oil and gas leases, currently produces high-quality light crude oil, Marubeni said in a statement.

The deal will make Marubeni Corp the largest shale oil reserve holder among Japanese firms, the company said.

“We will continue to expand our business by acquiring quality shale oil and gas assets in the US,” it said. “We strongly believe that the shale oil and gas play will be spreading all over the world.”

($1 = €0.78)

By: Nurluqman Suratman

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