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June 29. 2018
OG East Texas, LLC, a subsidiary of Osaka Gas Co., Ltd. (Osaka Gas), has entered into an agreement with Sabine Oil & Gas Corporation and its subsidiary Sabine East Texas Basin LLC (collectively Sabine) to acquire 35% of Sabine’s working interest in the gas properties located primarily in Harrison and Panola Counties, Texas, USA. As a result of this acquisition, Osaka Gas will obtain approximately 30% of the working interest in the formations in the shale assets.
This project currently produces approximately 45 Mmcfepd (approximately 300,000 tons per annum of LNG) from approximately 450 wells located on approximately 100,000 acres (35,000 acres net to Osaka Gas). Sabine and Osaka Gas plan to continue developing the acreage and increasing production.
Participation in this project will further enhance the upstream operating capability of Osaka Gas, adding to its upstream business portfolio to build the natural gas value chain in the USA, which includes Freeport LNG liquefaction business and electric power business.
Under its long-term management vision "Going Forward Beyond Borders 2030,” which focuses on overseas energy markets as one of the growth areas, the Daigas Group pursues its endeavor to expand its energy business globally along the value chain.
(primarily Harrison and Panola Counties)
|Shale Formation to be developed:||Haynesville and Cotton Valley|
|Products:||Natural gas, condensate and natural gas liquids|
|Participants and their approximate interest:||Sabine (55%), OG (30%), others (15%)|
|Seller:||Sabine Oil & Gas Corporation and Sabine East Texas Basin LLC|
|Buyer:||OG East Texas, LLC (a 100% subsidiary of Osaka Gas USA Corporation)|
|Subject asset:||35% of the working interest owned by Sabine in primarily Harrison and Panola Counties, Texas, USA.|
Osaka Gas is a leading energy company based in Osaka, Japan, engaged in a broad range of energy services including natural gas supply, power generation and supply. The company is also active in energy business overseas, including North America, Asia, and Australia.
Sabine is a Houston, Texas based, independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties in the onshore United States. For additional information on Sabine, please visit www.sabineoil.com