Published: Jan. 6, 2012 at 8:04 AM
DALLAS, Jan. 6 (UPI) -- A partnership in the Eagle Ford shale play in Texas will provide a solid base for cash flow for the foreseeable future, a Japanese energy company said.
Japanese energy company Marubeni Corp. announced its U.S. subsidiary acquired a 35 percent working interest from Hunt Oil Co. in Dallas for 52,000 net acres of oil and gas leases in the Eagle Ford shale play in Texas.
Marubeni, in a statement, said the shale play is one of the most promising fields of its kind in the United States.
"We believe that this project, including future expansion and the potential new businesses associated with it, will become a solid base for Marubeni providing a strong cash flow and profit on the mid- to long-term basis," the company said.
This week, China Petroleum Corp. reached a deal to acquire a stake in shale gas acreage in the U.S. Midwest from Devon Energy, including the Utica shale deposit in Ohio.
The abundance of shale deposits in the United States could redefine the country's energy sector. Environmental advocates, however, complain some of the chemicals used in the extraction process make the risk outweigh the benefits.
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