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.
JX UK holds non-operated interests in multiple producing fields and associated infrastructure in the UK North Sea including a 20% interest in the Mariner field and an 18% interest in the Culzean field.
The transaction excludes JX UK’s interests in the Andrew Area, which consist of non-operated stakes in the Andrew, Farragon and Kinnoull fields, which BP is reportedly in talks to acquire.
The purchase price is based on a valuation of the company from March 2021 at $1.655 billion (£1.24 billion) after adjustment for debt and working capital.
Read more/Source: Energy Voice
