• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Japan Is Looking for Oil Acquisitions Here and Here

If you're an oil and gas developer, you may be seeing a lot more attention from Japan this coming year.

At least, in some parts of the world.

Platts reports that late last week, Japan's Ministry of Economy, Trade and Industry (METI) asked for more money for upstream petroleum acquisitions. Submitting a plan to the national Ministry of Finance that calls for an asset-purchase budget that's 25% larger than last year.

METI is reportedly requesting 59 billion yen--approximately $570 million--for petro-acquisitions in the coming fiscal year (beginning April 2015). Up from a budget of 47.2 billion yen for the current year.

Even more interesting is where METI plans to spend the money. With the Ministry saying it intends to look at buying assets in Africa and Latin America.

Some of that focus has been attributed to a desire to move away from Middle Eastern oil supplies. Which currently provide about 85% of Japan's overall oil usage.

Japanese officials are also reportedly enthused about prospects in the soon-opening Mexican oil and gas sector. With this seen as a place where high-impact assets can be picked up.

Any acquisitions funded by the Ministry will be carried out through Japan Oil, Gas and Metals National Corporation (JOGMEC).

If the requested monies are indeed approved, it could be very good news for project developers seeking partners. Especially in places like East Africa, which has lately become a focus for many Asian investors. Evidenced by deals like Singapore sovereign wealth fund Temasek paying $1.3 billion for offshore natural gas assets in Tanzania.

Japan's budget won't be that rich. But METI's beefed-up war chest will certainly increase competition for good assets in this region. And quite possibly beyond.

ADVERTISEMENT

Here's to asking for more,

Dave Forest


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Hana Sabbagh on September 04 2014 said:
    Yeah the recent news clearly signify that METI is investing in oil.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News