Japan Petroleum Exploration Co. will buy American oil and gas assets for $1.3 billion, the latest move by the Asian nation to boost investments in the US and support global fossil fuel production.
Japex, which is partially owned by the Japanese government, will acquire the assets by making Texas-based Verdad Resources Intermediate Holdings a consolidated subsidiary, the company said in a statement on Thursday. The projects in Colorado and Wyoming produce around 35,000 barrels of oil equivalent a day, with a goal of rising to 50,000 by 2030. The deal is scheduled to close around the end of February.
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