BMI View: Japex has extracted the frst shale oil in Japan from the Ayukawa oil and gas feld in the Akita prefecture. Like its efforts at methane hydrates extraction, the drive towards shale oil produc- tion is aimed at increasing the country's energy security at a time when its nuclear policy is in limbo. However, domestic shale oil extraction is likely to be politically challenging and its economics are still uncertain. In the short-to-medium term, this security will be sought through acquisition of foreign upstream and midstream assets, which allows Japanese companies to better direct the fow of oil and gas to the domestic market.
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