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.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you