Japan Petroleum Exploration, aiming to diversify its energy sources, has agreed to buy a 10-per-cent stake in a liquefied natural gas project planned in British Columbia from Progress Energy Canada Ltd.
Japex, as it’s known, will also acquire a 10-per-cent interest in the North Montney natural gas play in northeastern British Columbia from Progress, which was acquired by Malaysian state-owned energy company Petronas late last year.
“Japex believes that importing natural gas as LNG from Canada, which has ample reserves, will help diversify Japan’s LNG import, contributing to improved energy supply of Japan,” Japex said in a statement Monday.
Read the rest of the story: Japanese firm antes up for B.C. liquefied natural gas project.