Japan Bank to Fund JX Nippon North Sea Acquisitions

TOKYO - Japan Bank for International Cooperation said Friday it will lend up to $881 million to JX Nippon Oil and Gas Exploration Corp. to help it finance the costs to purchase a stake in and develop two offshore oil fields in the U.K. North Sea. 

The two fields are the Mariner oil field, located about 150 kilometers east of the Shetland Islands, and the Kinnoull oil field, about 260 kilometers northeast of the city of Aberdeen, JBIC said in a statement. 

JX Nippon Oil and Gas, the energy upstream unit of JX Holdings Inc., bought a 29% stake in Mariner from Eni S.p.A. in December, and acquired a 6.27% of Kinnoull by asset exchange with Sumitomo Corp. in August. 

JX's participation in these projects "would help improve Japan's energy security," the JBIC statement said.

Copyright (c) 2012 Dow Jones & Company, Inc.

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