Japan's Mitsui & Co. acquires Texas shale assets as U.S. natural gas demand rises
(WO) – Mitsui & Co., Ltd., through its U.S. based subsidiary Mitsui E&P USA LLC ("MEPUSA") has completed the acquisition of an unconventional natural gas asset in Texas from U.S. oil and gas E&P companies Sabana, LLC and Vanna, LLC.
The shale asset (named Tatonka, approx. 46,500 acre) is in Texas with access to the Gulf Coast industrial area, which includes liquefied natural gas (LNG) export terminals and ammonia plants.
MEPUSA will begin a drilling campaign to evaluate the well performance and develop and operate the asset for full-scale development after 2026.
In the U.S., where demand for natural gas is expected to increase due to the start-up of new LNG projects and growth in demand for electricity, Mitsui is also promoting liquefaction and export of U.S. natural gas to global markets, and methanol production businesses using natural gas as feedstock.
Lead image provided by Mitsui & Co.
