Japan Petroleum Exploration Makes More Moves In Eagle Ford

Japan Petroleum Exploration Co. Ltd. (JAPEX), a company bent on learning shale extraction techniques from Texas to exploit resources at home, has acquired additional working interests in the Eagle Ford shale.

On Jan. 16, JAPEX announced it is adding a 50% working interest in 200 acres and another 5% working interest in 640 acres of the Eagle Ford. JAPEX Corp, aUnited States subsidiary of JAPEX, has teamed up with Marathon Oil (NYSE: MRO).

“Marathon is a particularly competent and world class partner with extensive shale oil development experience,” the company said.

In August, the Japanese company announced a 5% non-operating interest in 26,500 acres of Eagle Ford in partnership with Marathon.

New Transactions:

The projects are located in a highly productive area of the Eagle Ford operated by Marathon, which operates the lease and owns a 95% working interest in the wells, JAPEX said.

JAPEX has actively sought participation in U.S. and international oil shale development projects to expand its oil and gas reserves and increase its capabilities in shale oil comprehensive technologies.

In August, JAPEX said its deal with Marathon would lead to “recovery technology and expertise … useful in the development of unconventional oil and gas opportunities in Japan in the future.”

Eagle Ford was the first such project for JAPEX, which the company described as “the most appropriate method to acquire the relevant knowledge.”

JAPEX expects that the technology and “know-how” will help it exploit resources in the Onnagawa Formation in Akita prefecture in Japan.

The company spent much of 2012 engaged in an engineering study of tight oil. In October, the company completed tests of oil shale extraction in the Ayukawa Oil and Gas field that produced oil.

Osamu Watanabe, president and COE, has said the company’s goal is to reach 350 million barrels of oil equivalent (MMBOE) by March 2013.