Japan’s Inpex Corp. said Tuesday it plans to expand its exploration, development and production activities in the U.S. Gulf of Mexico (GOM) after disclosing that it was the mystery buyer of a stake in the promising Lucius deepwater development. Subsidiary Teikoku Oil (North America) Co. Ltd. purchased the 7.2% participating stake in Lucius from operator Anadarko Petroleum Corp.
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Devon Energy Corp. on Wednesday said Japan’s Sumitomo Corp. agreed to pay $1.4 billion for a 30% stake in 650,000 net acres in the Permian Basin’s Cline and Midland-Wolfcamp shales. The news offset the company’s 2Q2012 earnings report, which indicated profits were down sharply from a year ago on lower commodity prices.
Woodside has accepted an offer from Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) to purchase a minority portion of its equity in the proposed Browse LNG Development in western Australia for US$2 billion with an effective date of Jan. 1, 2012. MIMI is to take a 16% interest in the East Browse joint venture (JV) and 8% interest in the West Browse JV, giving it an estimated 14.7% interest in the Browse development. Woodside’s assumed unitized interest in the Browse liquefaction and export project would fall from 46% to 31.3%. Woodside would remain operator of the development. Woodside has also accepted an offer from MIMI for a long-term sales and purchase agreement for about 1.5 million metric tons of liquefied natural gas (LNG) per year from the Browse development. The price was said to be in line with “traditional Asian pricing for conventional LNG projects.” The parties will jointly market co-mingled LNG volumes to the Asian market, primarily Japanese customers, Woodside said.
Mitsui Offshore Exploration of Japan, which held a 10% stake in the Macondo well that blew out in the deepwater Gulf of Mexico in April 2010, has paid $90 million to U.S. officials in penalties and environmental restoration fees, making it the first company of those involved in the massive oil spill to settle.
Japan’s Mitsubishi Corp. is investing $2.9 billion to acquire a 40% stake in Encana Corp.’s Cutbank Ridge leasehold in British Columbia, the companies said Friday. The deal is set to close this month.
A unit of Japan’s Marubeni Corp. has struck a deal to acquire a 35% stake in Dallas-based Hunt Oil Co.’s Eagle Ford Shale holdings. Marubeni pledged Friday to grow its stake in shales, in the United States and around the world.
Japan’s Sumitomo Corp. is reportedly looking to add more American shale gas investments to its energy portfolio and is shopping for new opportunities in shale oil, but it might wait to make a move on shale gas until natural gas prices are higher.
SM Energy Co. and a unit of Japan’s Mitsui & Co. Ltd. have struck a drilling carry agreement in the Eagle Ford Shale that is worth $680 million to the Denver-based producer and is part of its sell-down in the South Texas play. Mitsui, which already has a Marcellus Shale stake, recently announced a deal in Poland, where it said it plans to apply shale lessons learned in the United States.