Japanese company buys stake in Hunt Oil's Eagle Ford shale holdings

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Japan, which buys almost all its energy needs from overseas, increased imports of liquefied natural gas after the March earthquake and tsunami knocked out nuclear reactors at Fukushima.

Marubeni is involved in oil and gas projects in the Gulf of Mexico, North Sea, India and Qatar, according to the statement. Itochu Corp., Japan's third-largest trading company, said in October 2010 it would invest $390 million to buy a 25 percent stake in about 88,000 acres of the Niobrara oil shale reserve in southeastern Wyoming from Fidelity Exploration & Production Co.

Read more here: http://www.star-telegram.com/2012/01/06/3639689/japanese-company-buys-stake-in.html#storylink=cpy

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1. WTF!

Marubeni becomes the latest foreign company to invest in U.S. shale fields. European and Asian energy producers are piling into North American shale, which the Energy Information Administration estimates can more than double the world's gas reserves. Total SA and China Petrochemical Corp. have committed more than $7 billion in the past month to U.S. and Canadian projects, overlooking concern that the drilling, which fractures underground rocks with sand and chemicals, may cause earthquakes and contaminate drinking water.

"These prices are starting to look a bit toppy," said Iain Armstrong, an analyst with Brewin Dolphin Ltd. in London. "At the moment, there's an oversupply of gas. And there's still a debate about fracking and putting nasty chemicals into the ground."

Not only are we destroying our own water supplies and causing earthquakes under our own soil, we're selling the right to do that to foreign countries to come and take it?

That went so well with BP didn't it? I mean look how well they took care of our Gulf Coast?