Tokyo Gas to Buy Rockcliff Energy for $2.7 Billion

By Bloomberg

Dec 16, 2023

image is BloomburgMedia_S5QL63T1UM0W00_16-12-2023_05-00-11_638382816000000000.jpg

Tokyo Gas Co. storage tanks at the company's Hiranuma facility in Yokohama, Japan, on Wednesday, April 20, 2022. Japan’s imports jumped 31% in March from a year ago to a record value, led by crude oil, coal and natural gas, and that will translate into higher power bills in the nation that relies heavily on others for its energy resources. Photographer: Toru Hanai/Bloomberg

(Bloomberg) -- Tokyo Gas Co. said its subsidiary Tokyo Gas America Ltd. will purchase Rockcliff Energy II LLC for about $2.7 billion, the latest in a wave of multi-billion dollar deals in the global energy industry.

Tokyo Gas America will acquire all the shares of Rockcliff, a portfolio company of Quantum Energy Partners, through its ownership interest in TG Natural Resources, the Japanese company said in a statement. The deal was signed on Dec. 15 and is scheduled to be closed Dec. 29, according to the statement.

The deal comes as major global oil and gas producers figure out how best to deploy last year’s profit windfalls thanks to rising resource prices.

Among recent activity are Occidental Petroleum Corp.’s agreement to buy Texas shale driller CrownRock LP, Exxon Mobil Corp.’s $60 billion deal to buy Pioneer Natural Resources Co. and Chevron Corp.’s $53 billion purchase of Hess Corp.

In Asia Pacific, Woodside Energy Group Ltd. is in preliminary talks with local rival Santos Ltd. on a tie-up that would deliver a dominant exporter of liquefied natural gas.

(Adds background about buying spree in global energy industry)

By Ayai Tomisawa , Tsuyoshi Inajima