Tokyo Gas unit agrees to pay $2.7Bln to acquire Rockcliff Energy and its assets in the US Haynesville Shale
Tokyo Gas Co., one of the leading Japanese LNG importers and the largest provider of city-gas services in the Tokyo metropolitan area, has agreed to pay $2.7 billion to acquire US upstream natural gas company Rockcliff Energy and its assets in the Haynesville Shale.
US company backed by Tokyo Gas in talks over $4.5Bln acquisition of natural gas producer Rockcliff Energy
A US company backed by Japanese utility and LNG importer Tokyo Gas is in talks with US natural gas producer Rockcliff Energy as a possible buyer of the company from private equity firm Quantum Energy Partners for around $4.5 billion.
The transaction, which is being talked about by US investment bankers, would be another move by a Japanese company to secure natural gas assets.
This follows renewed concerns in Japan about its future energy resources since the Russian invasion of Ukraine and has led Japan’s state banking and energy agencies to support new moves by companies to expand the nation’s foreign resources base.
Tokyo Gas Natural Resources, based in Houston, Texas, is 70 percent owned by Tokyo Gas and with the balance held by Castleton Commodities International (CCI).
Tokyo Gas started acquiring its stake in CCI in May 2017 because of its natural gas assets in Louisiana and Texas, including the Haynesville shale play.
The Haynesville shale lies under parts of three southern states, including East Texas, northwest Louisiana and southwest Arkansas.
Previous deals
CCI had also previously purchased the Carthage upstream and midstream assets in East Texas from subsidiaries of the former Anadarko Petroleum Corp. for over $1 billion.
CCI subsequently combined the acquired assets with the company's existing East Texas upstream assets.
Tokyo Gas currently has volume and tolling agreements with the Cameron LNG plant in Louisiana and the Cove Point project in Maryland and is said to be considering other deals with US export projects under development in Texas and Louisiana.
Japan's Economy, Trade and Industry Minister (METI) recently oversaw deals by Japanese companies, including JERA Co Inc., the largest LNG importer, to secure future LNG supplies from Oman.
Japan had been so keen to secure enough LNG supplies during the Northern Hemisphere winter season that it asked state-run banking agencies to financially back utilities and trading companies to buy spot cargoes even at elevated prices.
The Japan Bank for International Cooperation and another state body, JOGMEC, which recently changed its name to the Japan Organization for Metals and Energy Security, have also increased their backing for energy asset transactions and are encouraging Japan's banking sector to do the same..
Tellurian receives final environmental impact statement to start building US Driftwood LNG
Tellurian Inc., developer of the Driftwood LNG export project in Louisiana, said it expected to start construction near the Lake Charles site in the first half of 2019 after regulators issued a final environmental impact statement.
US Driftwood LNG developer to reveal investors and buyers soon from 35 interested parties
Tellurian Inc., developer of the Driftwood LNG export plant in Louisiana, said it advanced the sale of LNG and Driftwood partnership interests with around 35 customers and potential partners conducting due diligence and would announce the investor and buyer list by year-end.
Tellurian has 25 potential clients interested in services including using Driftwood export plant
Tellurian Inc, the developer of the Driftwood LNG export plant in Louisiana, said it had around 25 potential customers lined up who have expressed an interest in its full range of energy services from feed-gas pipeline delivery to liquefaction tolling.
