Japan Petroleum Exploration Co. Ltd. (JAPEX), a company bent on learning shale extraction techniques from Texas to exploit resources at home, has acquired additional working interests in the Eagle Ford shale.
On Jan. 16, JAPEX announced it is adding a 50% working interest in 200 acres and another 5% working interest in 640 acres of the Eagle Ford. JAPEX Corp, aUnited States subsidiary of JAPEX, has teamed up with Marathon Oil (NYSE: MRO).
“Marathon is a particularly competent and world class partner with extensive shale oil development experience,” the company said.
In August, the Japanese company announced a 5% non-operating interest in 26,500 acres of Eagle Ford in partnership with Marathon.
New Transactions:
Location | Main Products | Lease Details |
Atascosa County, McMullen County | Light oil, NGL and Natural Gas | 50% working interest in 200 acres |
Atascosa County | Light oil, NGL and Natural Gas | 5% working interest in 640 acres |
The projects are located in a highly productive area of the Eagle Ford operated by Marathon, which operates the lease and owns a 95% working interest in the wells, JAPEX said.
JAPEX has actively sought participation in U.S. and international oil shale development projects to expand its oil and gas reserves and increase its capabilities in shale oil comprehensive technologies.
In August, JAPEX said its deal with Marathon would lead to “recovery technology and expertise … useful in the development of unconventional oil and gas opportunities in Japan in the future.”
Eagle Ford was the first such project for JAPEX, which the company described as “the most appropriate method to acquire the relevant knowledge.”
JAPEX expects that the technology and “know-how” will help it exploit resources in the Onnagawa Formation in Akita prefecture in Japan.
The company spent much of 2012 engaged in an engineering study of tight oil. In October, the company completed tests of oil shale extraction in the Ayukawa Oil and Gas field that produced oil.
Osamu Watanabe, president and COE, has said the company’s goal is to reach 350 million barrels of oil equivalent (MMBOE) by March 2013.
Recommended Reading
Phillips 66 Weighs Divestments, Targets Renewable Fuel Increase
2024-05-02 - Phillips 66 looks to boost renewable fuels production by 67% through the end of the second quarter 2024 at its Rodeo complex in San Francisco while weighing a potential divestiture of its retail marketing businesses in Austria and Germany.
Sage Geosystems Advances Commercial-scale Energy Storage Facility
2024-05-02 - The 3-megawatt facility in Texas is expected to become the world’s first commercial geopressured geothermal system when it’s commissioned in December.
Integrated RNG: Nopetro Energy on Creating a Circular Economic Model
2024-05-01 - Working with municipalities, Nopetro Energy aims to produce 2 million MMBtu of RNG annually.
Electrifying Permian Could Threaten West Texas Power Grid—Enverus
2024-04-30 - Emissions reduction targets and cryptocurrency mining could double power demand and threaten the grid in West Texas by 2040, according to a report by Enverus Intelligence Research.