Japex Joins Petronas in Canada Shale, LNG Project

Japan Petroleum Exploration Co. (Japex) has signed an agreement with Petronas to buy a 10% stake in the Petronas-led liquefied natural gas exporting project in British Columbia, Canada, Dow Jones reported citing a statement from the Japanese company.

The Japanese firm will buy a 10% stake each in the North Montney shale gas block and the Pacific Northwest LNG terminal project in the province, Japex's LNG Project General Manager Junichiro Ando told reporters, Dow Jones added.

Several LNG export terminals are planned across North America as the rise in shale gas production from horizontal fracturing technology has created a glut of natural gas that recently sent prices down to 10-year-lows, the report said.