Japan’s INPEX, JGC buy stake in Canada shale gas, eye LNG exports

08 August 2012 14:06  [Source: ICIS news]

TORONTO (ICIS)--Japanese firms INPEX and JGC Corporation have jointly acquired a 40% stake in shale gas deposits in Canada’s British Columbia province for $700m (€567m), the companies said on Wednesday.

Oil and gas firm INPEX and energy and petrochemicals engineering firm JGC bought the stake in the Horn River, Cordova and Liard basins of northeast British Columbia from Canadian energy firm Nexen, which will continue to hold the remaining 60%.

Nexen, INPEX and JCG will now investigate the feasibility of liquefied natural gas (LNG) exports from British Columbia, they said.

INPEX owns several interests in LNG projects in Australia and Indonesia.

Meanwhile, Nexen is the target of a $15.1bn takeover offer from China’s state-controlled energy and petrochemicals firm China National Offshore Oil Corporation (CNOOC). That deal has the backing of Nexen’s board of directors but it has not yet been approved by regulators in Canada and the US.

($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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