News Release


JX sale of its working interest in UK Licence containing the Utgard Gas and Condensate Field in North Sea

June 3, 2016


JX Nippon Oil and Gas Exploration Corporation (“JX”) (President and CEO, Shunsaku Miyake) is pleased to announce that its wholly owned subsidiary, JX Nippon Exploration and Production (U.K.) Limited (President and CEO, Kemmei Nakata) has agreed to sell its entire 45% working interest and transfer operatorship of UK Licence P312 Block 16/18a, comprising a part of the Utgard gas and condensate field (“Utgard Field”) in the North Sea, previously known as the Alfa Sentral field, to Statoil (U.K.) Limited, a subsidiary of Statoil ASA.

The Utgard Field; a gas and condensate field spanning the UK-Norway median line in the North Sea, was discovered in the 1980s. Statoil is the existing partner in the UK licence and is also the operator of the Norwegian Continental Shelf licence PL046, in which part of the Utgard Field is located.

The divestiture is carried out as a part of the fundamental revision of JX’s upstream portfolio and the optimization of the investment level designed to improve its financial performance in the prevailing business environment.

Completion of the transaction is subject to the normal regulatory approvals.