JX Nippon Oil and Gas Exploration Corp. said on July 28 that its U.K.-based subsidiary has agreed to sell a stake in a North Sea oil field to Faroe Petroleum Ltd.
JX Nippon E&P (U.K.) will sell its 17.07% interest of U.K. License P111 Block 30/3a, comprising a part of the Blane oil field, the company said in a statement.
The Blane Field had gross production of about 2,900 barrels per day of oil equivalent last year. Faroe is an existing partner in the U.K. license.
The move comes as part of JX’s fundamental revision of its upstream portfolio, the company said.
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