Japan’s Japex To Quadruple Oil and Gas Production, Eyes U.S. Expansion

Japan Petroleum Exploration (Japex) has unveiled plans to invest 1.16 trillion yen ($7.3 billion) in exploration and production in a bid to quadruple oil and gas output over the next decade, mainly in the United States. Japex has set a goal to raise net profit to 100 billion yen and achieve a 12% Return on Equity (ROE) by 2035. In February, Japex completed the acquisition of Denver-based tight oil company, Verdad Resources, in a $1.3-billion deal, the company’s largest ever M&A transaction. The merger gives Japex exposure to the sprawling…