Tokyo Gas to buy Texas shale stake from Chevron

Deal expected in April as Japanese utility turns to natural gas trading

Tokyo Gas has handled 10 million tonnes of natural gas yearly in the U.S., and the Chevron deal will help maintain this level. © Reuters

SHINO KATAYAMA

April 1, 2025 05:59 JST

TOKYO -- Tokyo Gas has decided to acquire part of a shale gas development in Texas from U.S. oil major Chevron, Nikkei has learned, as the Japanese energy company looks to expand profit through trading.

The deal, estimated at tens of billions of yen (10 billion yen equals $66.6 million), is expected as early as April. Tokyo Gas will use the natural gas it extracts from the development to trade on the market, as well as supply the fuel to power plants and other customers.