Marubeni Sells Oil Stake for the Sake of Gas
The Japanese corporation Marubeni has sold its stake in the Big Foot oil project to focus on expanding its business in the natural gas sector. The company is increasing its assets in this area, viewing gas as a key element in the energy transition.
Petrus
The Japanese corporation Marubeni has sold its 12.5% stake in the Big Foot oil project, located in the Gulf of Mexico, USA, which is operated by Chevron. This move was made to strengthen the company’s focus on developing its natural gas business.
The Big Foot project began oil production in 2018 and currently has a production capacity of up to 75,000 barrels per day. Marubeni’s share was acquired by the Israeli company Modiin Energy, which has now become a partner of Chevron and Equinor in the project. At present, Chevron holds a 60% stake and serves as the operator, while Equinor owns 27.5%.
The sale of Marubeni’s stake in Big Foot is part of the company’s strategy to concentrate on natural gas, particularly in North America. Last month, Marubeni acquired the American shale gas producer EagleRidge Energy. According to the company’s website, EagleRidge operates more than 3,500 wells across an area of approximately 1,821 square kilometers.
The acquisition of EagleRidge is expected to boost Marubeni’s production capacity in the Barnett Shale formation in Texas to around 170 million cubic feet of gas equivalent.
Marubeni continues to expand its assets related to natural gas, which is seen as a key element in the energy transition, helping to reduce costs and increase the volume of processed resources.