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Energy

Tokyo Gas gobbles up discounted $188m stake in US shale project

American explorers dump assets during commodities slide

The Tokyo Gas group is rapidly expanding its shale gas footprint in the U.S.

TOKYO -- Tokyo Gas has purchased an interest in a U.S. natural gas field in a deal worth roughly 20 billion yen ($188 million), part of a spending spree by the Japanese energy supplier to take advantage of a buyer's market during a commodities slump.

Texas, U.S.-based subsidiary Tokyo Gas America acquired a stake in a gas project in the Gulf Coast state of Louisiana. The seller, Range Resources, agreed to a price that is nearly 20% less than what was originally anticipated.

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