JX Nippon Sells North Sea Oil Field to UK NEO Energy for $1.66 Billion

[Asia Economy Reporter Seulgina Jo] JX Nippon Oil & Gas, a subsidiary of Japan's major oil company ENEOS Holdings, is selling its North Sea oil and gas business in the UK to NEO Energy and withdrawing from the business. The deal is valued at $1.66 billion.

According to Bloomberg and other sources on the 26th (local time), NEO Energy announced on its website the previous day that it will acquire a 20% stake in the Mariner Field operated by Equinor ASA and an 18% stake in the Culzean project of TotalEnergies SE from JX Nippon. However, the stake in the Andrew area of the North Sea was not included in this acquisition.

The Nihon Keizai Shimbun also reported this news, stating that ENEOS plans to invest in renewable energy after the sale.