Japan’s largest power generator, JERA, has increased its controlling interest in the Wheatstone liquefied natural gas (LNG) project in Western Australia. The company announced on Wednesday that it now holds a 50.1 percent stake in Pan Pacific Energy, the holding company through which it owns part of Wheatstone, after acquiring all shares previously held by Japan Organisation for Metals and Energy Security, a government-backed entity. The transaction was finalized on October 2, though the financial terms were not disclosed.

While the purchase boosts JERA’s ownership in Pan Pacific Energy, it does not alter the fundamental ownership structure of the Wheatstone project itself. Pan Pacific Energy, through its subsidiary, continues to maintain a 10 percent interest in the upstream gas fields and an 8 percent interest in the LNG facility. Wheatstone, operated by Chevron, is situated near Onslow on Western Australia’s coast and features two LNG production trains with a combined capacity of roughly 8.9 million tonnes per year.

The facility processes natural gas from offshore reserves in the Carnarvon Basin, liquefying it for export to international markets. JERA currently secures about 5.2 million tonnes of LNG annually from Wheatstone, making it a significant supplier for the Japanese energy company.

JERA officials said the increased stake aligns with their strategy to strengthen energy security by ensuring reliable and competitively priced LNG supplies. “Reliable LNG supply is fundamental to energy security,” said Irtiza Sayyed, JERA’s senior managing executive officer. He added that the acquisition will help meet Japan’s domestic energy requirements and reinforce supply stability across the Asia-Pacific region in the coming years.

The transaction underscores the critical role Australian gas resources play in Japan’s energy landscape. Japan depends heavily on imported fuels for electricity generation and has historically maintained strong commercial ties with Australian LNG producers. JERA, responsible for producing approximately one-third of Japan’s electricity, is among the world’s largest LNG purchasers, with investments and supply agreements spanning multiple key producing regions worldwide.