Japex plans US shale investments

Japanese explorer sees opportunities to expand its footprint

Japanese state-backed oil producer Japex plans to invest around $500mn over 2022-24 to develop shale oil in the southern US. The funds will go towards both the company’s existing asset in Texas “and interests to be acquired later this year”. “Acquisition of new overseas oil and gas interests” is one of Japex’s “key priorities”, the company said in its 2022-30 management plan, published in March. And for those acquisitions, “shale formation development in North America is a priority focus area”, the company now confirms, arguing such acquisitions will be cash-generative “early” and that the company “can leverage our experience and expertise in this area”. The Japanese firm has held a stake in