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Acquisition of Shale Gas Assets in the East Texas and Louisiana

Source: www.gulfoilandgas.com 12/25/2019, Location: North America

Tokyo Gas America Ltd., (Tokyo Gas America) a wholly owned subsidiary of Tokyo Gas Co., Ltd. (Tokyo Gas) has closed a transaction through Castleton Resources LLC (Castleton Resources) to acquire oil and gas assets in the East Texas / Louisiana region from BG US Production Company, LLC (“BG US”) a subsidiary of Royal Dutch Shell PLC. After its capital injection along with the transaction, Tokyo Gas will increase its share of Castleton Resources from 30% to approximately 46%.

This transaction will increase the net production of Castleton Resources from 238 Mmcfepd to 343 Mmcfepd, approximately 1.4 times.

Tokyo Gas will continue to expand its business in North America, one of the most strategic areas globally, as based on the Tokyo Gas Group Management Vision, Compass 2030.

Jun Tabei, President and Chief Executive Officer of Tokyo Gas America Ltd. said, “Castleton Resources is strategically important for our upstream business in the US. We are eager to expand our footprint in the East Texas / Louisiana area through Castleton Resources. Shell and Tokyo Gas have worked together in the LNG world since 1972. I am delighted to have this deal closed as this is the first transaction for Tokyo Gas and Shell in North America.”

Craig Jarchow, President and Chief Executive Officer of Castleton Resources LLC said “This transaction is consistent with our strategy of asset aggregation in the Ark-La-Tx region. With the help of our partner, Tokyo Gas America Ltd., we are well positioned to continue building a world class Haynesville gas portfolio.”

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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