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Japex to sell 10% stake in Canadian shale gas project to Petronas 14 May 2021 (Last Updated May 14th, 2021 09:09)
Japex fianlises deal to divest its 10% stake in shale gas project in Canada to Petronas Energy Canada.
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Japan Petroleum Exploration (Japex) has decided to sell its 10% interest in the Canadian shale gas project to Petronas Energy Canada (PECL) for an undisclosed sum.
Japex will divest its stake in the North Montney (NM) joint venture through its subsidiary Japex Montney.
The NM is responsible for shale gas development and production in the North Montney area of British Columbia.
The shale gas project would have provided gas for the Pacific North West LNG project, which was cancelled in 2017 due to challenging environment and low prices.
Even after the decision not to proceed with the LNG project in July 2017 due to changes in the business environment, Japex has been working with PECL (Petronas) and its partners to maximize the value of the NM project by optimizing the development plan, said the Japanese company.
However, Japex decided to sell its interest because the environment surrounding the E&P business is expected to become even more severe due to the prolonging effects of the Covid-19 since early last year, including the structural changes by the new normal after the Covid-19 and accelerating the global decarbonization.
As a result of the transaction, Japex said it expects to record an extraordinary loss of C$493 million in the consolidated financial results for the second quarter of the year ending 31 March 2022.
Japex exits North Montney shale gas project
May 14, 2021 7:20:am
Summary The company said that it is exiting the Canadian project due to uncertainty caused by the ongoing COVID-19 pandemic.
by: Shardul Sharma
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Japex exits North Montney shale gas project
Japan Petroleum Exploration (Japex) has sold its 10% stake in the North Montney shale gas project in Canada to the operator Petronas, the company said on May 13.
Japex said it was exiting the project due to uncertainty caused by the ongoing COVID-19 pandemic. Japex bought the stake in the project in 2013. All procedures of this sale are expected to be completed by the end of next month.
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