Nippon Oil acquires North Sea oil/gas rights

Nippon Oil Corp. (5001.T: Quote, NEWS , Research), Japan’s biggest oil refiner, has acquired stakes in six oil and natural gas blocks in the North Sea, a financial daily said on Saturday.

The Nikkei said Nippon Oil, which bid as part of a consortium comprising British and U.S. companies, was awarded the rights by the British government on Friday.

Nippon Oil would own 30 percent 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 total 17 percent, the Nikkei said.

reuters