Japan makes no bones about its energy strategy to seek out LNG investments where it finds long-term opportunity. As the world’s second-largest buyer of natural gas behind China, Japan imported 65.89 million metric tons of LNG in 2024. Of these volumes, only 6.34 million metric tons—a mere 9.6% of the nation-state’s total LNG imports—came from the U.S. which just happens to be the world’s largest LNG exporter.

Reese Energy Consulting today is following the latest news on the U.S.-Japan natural gas connection starting with Houston-based Tokyo Gas Natural Resources (TGNR), which has snapped up a 70% interest in Haynesville assets as part of its U.S. gas expansion to boost LNG supplies to Japan. The $525 million deal with Chevron recrowns TGNR as operator king in Paloma County, Texas, and fourth-largest Haynesville player. Meanwhile, TGNR parent Tokyo Gas, Japan’s largest city gas provider, is considering investment in U.S. Gulf Coast LNG liquefaction.

As politics play out under a new administration, Japan in late February agreed to buy “record amounts” of U.S. natural gas and signaled its interest to invest in the 807-mile Trans-Alaska LNG pipeline project. A fun fact to know and share: Japan began importing LNG in 1969 with its first shipment from Alaska to Yokohama City.