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JX Nippon Yet to Make Decision on North Sea Asset Sale

  • U.K. assets could be valued at as much as $2 billion
  • Japanese firm to sell stakes in Mariner, Culzean fields
Access To BG Group Plc's Offshore Armada Gas And Condensate Platform Ahead Of Their Merger With Royal Dutch Shell Plc

Photographer: Simon Dawson/Bloomberg

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JX Nippon Exploration and Production Ltd. is considering selling its U.K. North Sea assets as it conducts a review of its global portfolio, but hasn’t yet made a final decision, the company said in a statement on Wednesday.

It follows the retreat of other Japanese firms from the aging basin, including Marubeni Corp., which is conducting its own sales process. It adds to an uptick in deals in the U.K. North Sea this year, with companies such as BP Plc and Exxon Mobil Corp. selling assets to an array of newcomers.