Japan's Nippon Oil acquires interests in 6 UK North Sea blocks - report |
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Sun, 04 Feb 2007 13:14
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TOKYO (AFX) - Nippon Oil Corp has acquired interests in six oil and natural gas blocks in the UK sector of the North Sea, the Nihon Keizai Shimbun reported over the weekend, without citing sources.Nippon Oil, which bid as part of a consortium made up of British and US companies, was awarded the rights by the British government, it said.The Japanese oil distributor owns 30 pct of the rights in four blocks where it will explore for oil and gas on its own. Its share of licenses in the remaining two fields comes to about 17 pct.There was no cost to acquire the rights, but Nippon Oil is required to conduct underwater drilling at two of the blocks, the report said, adding that the company could spend around 5 bln yen down the road.rc/
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