Nippon Mitsubishi to dissolve British oil production subsidiary

Aug 31, 2001 02:00 AM

Nippon Mitsubishi Oil said its oil exploration unit has decided to dissolve its British oil production subsidiary as the subsidiary has handed over its North Sea field in a concession swap deal to Canada's major oil explorer. Nippon Oil Exploration will disband its subsidiary, Nippon Oil Exploration and Production, which turned over its 4.19 % concession for the Loss Oilfield to Talisman Energy, Canada's biggest independent oil and gas producer.
The transfer is a part of a larger oil concession swap agreement involving three North Sea oil fields between the Nippon Mitsubishi Oil Group and Talisman. Under the exchange deal, the group has handed over the Loss Oilfield concession and its 15 % concession at the Hannay Oilfield, plus an unspecified sum of cash to Talisman, while Talisman handed over its 2.5 % concession at the Magnus Oilfield to the group.

Both parties have found the deal advantageous, with the swap enabling the Nippon Mitsubishi group to cash in on the economy of scale by getting an additional concession at the Magnus Oilfield, where it had a pre-swap concession of 5 %. The deal has expanded the group's Magnus concession to 7.5 %, it added.

Source: Kyodo News
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