Nippon's Subsidiary Snags MOEX's Shares through Tender Process

Nippon Oil Corporation has announced that Nippon Oil Exploration Limited, which is wholly owned by Nippon Oil Corporation, acquired all of the shares in MOC Exploration (U.K.) Limited (“MOEX”) that were held by the Minister of Economy, Trade and Industry of Japan (“METI”) through a competitive tender process.

As a result of this acquisition, MOEX has become wholly owned by Nippon Oil Exploration Limited. Nippon Oil Group regards the North Sea, where MOEX has interests in oil and gas fields, as one of the Company's core exploration and production areas. Nippon sees many potential opportunities in the area and will consider increasing its investment in the North Sea, as well as in other core areas, so that it can steadily expand the Company's exploration & production business throughout the world.