A ten percent stake in a shale gas and liquefied natural gas joint project has been purchased by Japan Petroleum Exploration from Malaysia's Petronas. The project is to be located and built at British Columbia, Canada.
Japex announced it is considering marketing its LNG production of 12 million metric tons per year from its Pacific Northwest LNG project in Japan. Since the Fukushima disaster in 2011, Japan has become increasingly reliant on liquefied natural gas for its energy needs making it the top importer of LNG in theworld.
Many Japanese firms have been investing in shale gas projects in North America and other locations to export the product to Asia. The deal involves a 10% stake in the North Montney region plus a stake in a liquefaction plant in Lelu Island.
Petronas retains ninety percent of the project and is set to decide on the building of an Can$11 billion LNG plant.
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