BP has agreed to buy the stakes of JX Nippon in the ageing Andrew Area in the North Sea, confirming its intent to see the asset through decommissioning.
NEO Energy is buying JX Nippon E&P UK, the British business of Japan's ENEOS holdings, for £1.2billion in the latest of a string of North Sea acquisitions.
BP (LON: BP) is in talks to buy JX Nippon Exploration and Production’s stake in the North Sea Andrew Area oil and gas fields, according to people with knowledge of the matter, reversing an earlier plan to sell its own holding.
North Sea operators have handed back up to 1.1 billion recoverable barrels of oil from UK fields, according to data released by the Oil and Gas Authority (OGA).
BP is relaunching the sale of its interests in a number of North Sea oil fields, according to Reuters, after the collapse of its deal with Premier Oil last year.
Premier Oil is seeking another price cut for the North Sea assets it is buying from BP, according to a news report.
Premier Oil has scrapped a $191million (£152m) deal to acquire an additional 25% stake in the Tolmount project from Dana Petroleum.