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BP Is in Talks to Buy North Sea Oil Field Stake From JX Nippon

  • It’s a reversal from earlier plan to sell its stake in project
  • JX Nippon has received bids for other North Sea assets
       
Photographer: FreddyTb/Getty Images
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BP Plc is in talks to buy JX Nippon Exploration and Production Ltd.’s stake in the North Sea Andrew Area oil and gas fields, according to people with knowledge of the matter, reversing an earlier plan to sell its own holding.

The energy major had previously attempted to sell its share in the project to Premier Oil Plc, but the deal was scrapped following a reverse takeover of Premier by Chrysaor Holdings Ltd. While there’s no certainty BP will end up buying the stake, an acquisition would run counter to its approach to the aging North Sea, where the company has been offloading assets over the past decade.