JX Nippon wants to dispose of North Sea assets: press

Japanese minerals and mining company JX Nippon aims to sell its oil and gas assets in the North Sea for as much as $1.5bn, sources told the Reuters news service May 26.

Five banking sources told the news service the Japanese company is looking for buyers for its position in the Andrew, Culzean and Mariner projects in the UK waters of the North Sea. JX Nippon is in partnerships with BP, Total and Equinor in those basins.

Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. ngc.co.tt

Total started production at the Culzean gas and condensate field in 2019, nine years after its discovery. With plateau production of 100,000 barrels of oil equivalent (boe)/day, Culzean accounts for around 5% of the UK’s gas demand.

Operated by Norway’s Equinor, the Mariner field is expected to produce more than 300mn barrels of oil over its operational lifespan.

In decline, BP’s Andrew field had a reserve estimate of 150mn barrels of oil and 245bn ft³ of associated natural gas.

Reuters reported the expected sale is part of a broader movement in the North Sea to bring companies in that can better extract the remaining reserves in the region and oil majors focus on the energy transition.