Japan Petroleum Exploration said on Thursday it will acquire Verdad Resources Intermediate Holdings LLC (VRIH), which owns tight oil and gas assets in the U.S. for $1.3 billion in its largest-ever deal.
JAPEX will buy VRIH, which holds assets in Colorado and Wyoming, from Verdad Resources Feeder LLC using a mix of its own funds and debt. The transaction is expected to close by the end of February 2026.
The Japanese energy firm has been seeking to become an operator of a U.S. oil and gas exploration and production (E&P) project as it now prioritises oil and gas investment through 2030 over renewables.
The asset currently produces around 35,000 barrels of oil equivalent per day of tight oil and gas which JAPEX aims to increase to approximately 50,000 boed around 2030, it said.
JAPEX said it will continue to pursue expansion and profit sustainability in the U.S. through additional operator asset acquisitions.
Over the last year, Japanese companies have stepped up energy purchases, via equity stakes and offtake deals, with the U.S., aiming both to diversify their supply base as U.S. President Donald Trump calls on allies to buy more U.S. energy.
Japan’s announced U.S. LNG purchases this year have reached at least 8.5 million tonnes per year. Japan imported a total of roughly 66 million tons of LNG in 2024.
(Reporting by Katya Golubkova and Yuka Obayashi; Editing by Ronojoy Mazumdar and Louise Heavens)