Osaka Gas to invest in Cabot's Texas shale gas, oil project

TOKYO, June 22 Fri Jun 22, 2012 2:10am EDT

TOKYO, June 22 (Reuters) - Japan's Osaka Gas Co said on Friday it will take a 35 percent stake in a shale gas and oil project in Texas of U.S. firm Cabot Oil & Gas Corp for 20 billion yen ($249 million), as it aims to lower its procurement costs.

Faced with inflated prices for liquefied natural gas in Asia, Osaka Gas has been eyeing LNG projects in Australia and non-conventional gas in North America to lower costs.