JX Nippon Oil and Gas Exploration Corporation is pleased to announced that its wholly owned subsidiary, JX Nippon Exploration and Production (U.K.) Limited sold a 16% working interest in Licence No. P.111, Block 22/25a, containing the Culzean Gas Field, to Britoil Limited (a subsidiary of BP plc). As a result of this transaction, the participating interest of JXNEPUK in the Culzean development is 18.01%.
Culzean is a high pressure, high temperature (“HPHT”) gas condensate field discovered in 2008 by Maersk Oil North Sea UK Limited (the operator) and its co-venturers, including JXNEPUK. It is the largest gas field discovered in the UK North Sea in the last decade. The Field Development Plan was approved by the UK Government in August last year, and development work is progressing towards first production in 2019.
This sale aims to deliver the best allocation of JX’s management resources and to optimize JX’s asset portfolio across exploration, development and production assets.