Companies

Tokyo Gas to Acquire U.S. Natural Gas Developer

REUTERS/Dado Ruvic/Illustration
A natural gas pipeline, and the logos of Tokyo Gas and Rockcliff Energy are seen in this illustration taken January 4, 2023.

Jiji Press

17:54 JST, December 17, 2023

TOKYO (Jiji Press) — Tokyo Gas Co. said Saturday that it will acquire U.S. natural gas developer Rockcliff Energy II LLC for $2.7 billion, the group’s biggest investment.

Tokyo Gas plans to buy Rockcliff Energy, which develops and produces natural gas in Texas and Louisiana, as early as Dec. 29 via a group company.

The Japanese group engages in natural gas development in the two U.S. states. The acquisition is expected to make the group’s operations there more efficient and help lower its gas production costs.

Gas produced there is expected to be sold in the United States.

“We’ll invest in oversea business that drives profit growth in line with our medium-term business plan,” said Takashi Nakao, a senior official at Tokyo Gas.