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Japan’s JX to sell North Sea oil field stake to Faroe Petroleum

Japan’s JX to sell North Sea oil field stake to Faroe Petroleum

TOKYO: JX Nippon Oil and Gas Exploration Corp said on Friday that its United Kingdom-based subsidiary has agreed to sell a stake in a North Sea oil field to Faroe Petroleum Ltd.

JX Nippon Exploration and Production (U.K.) will sell its 17.07 percent interest of U.K. Licence 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. licence.

The move comes as part of JX’s fundamental revision of its upstream portfolio, the company said.