HOME >
News Releases >
2012 >
JOGMEC Provides Equity Financing to JAPEX's Shale Gas Development Project in British Columbia, Canada
JOGMEC Provides Equity Financing to JAPEX's Shale Gas Development Project in British Columbia, Canada
PDF version of this page (105 KB)March 26, 2013
JOGMEC (President: Hirobumi Kawano) announced today that it will provide equity financing to JAPEX Montney Ltd., established by Japan Petroleum Exploration Co., Ltd. (JAPEX), which will acquire a 10% interest of the natural gas blocks in North Montney, British Columbia.
JAPEX has entered into a Heads of Agreement with Petroliam Nasional Berhad (PETRONAS), the national oil and gas company of Malaysia, to participate in a natural gas development and production project and a planned LNG project in British Columbia, operated by PETRONAS through Progress Energy Canada Ltd. and its affiliates.
Subject to the completion of the transaction, JOGMEC will be a shareholder in JAPEX Montney Ltd., a company majority owned by JAPEX.
While JAPEX will be entitled to offtake 1.2 million tons per annum of LNG through its participation in this project, JOGMEC, as a governmental agency, expects JAPEX’s contribution with respect to further stable LNG supply and fuel cost reduction in Japan.
Background Information
| Corporate Data | JAPEX Montney Ltd. |
|---|---|
| Date of Establishment | March 7, 2013 |
| Head Office | Alberta, Canada |
| Director | Mr. Osamu Watanabe |
| Shareholders after JOGMEC’s funding | JAPEX(Voting rights more than 50%) JOGMEC (Voting rights less than 50%) |
Participating Interest
| Progress Energy Canada Ltd. or its affiliates | 90% |
| JAPEX Montney Ltd. | 10% |
JOGMEC Assistance
| Date of Approval | March 5, 2013 |
|---|---|
| Estimated Amount of Equity Financing | approximately JPY 22 Billion |
| Note | Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained. |
The inquiry about this page.
