Thai coal major Banpu buys US shale gas assets for $770m

Investor pressure drives shift away from carbon-heavy fuel

Cows graze in an oil production field in Midland, Texas. Banpu's shale acquisition in the U.S. state will more than triple its output of natural gas. © Reuters

YOHEI MURAMATSU, Nikkei staff writer

December 19, 2019 05:03 JST

BANGKOK -- Thai coal company Banpu will purchase shale assets in the U.S. state of Texas for $770 million under a deal announced Wednesday, more than tripling its natural gas output amid growing investor pressure for cleaner fuels.

Banpu aims to complete the transaction for the Barnett Shale operations, now run by U.S.-based Devon Energy, in the second quarter of 2020.