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 ?xml:namespace>
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|