Under the terms of the deal, JX Nippon will also transfer the license operatorship of the block, which consists part of the Utgard gas and condensate field in the North Sea.
Discovered in the 1980s, the Utgard field, which was previously known as the Alfa Sentral field, spans the UK-Norway median line in the North Sea.
A part of the Utgard field is located in the Norwegian Continental Shelf (NCS) license PL046, which is operated by Statoil.
JX Nippon said that sale is part of fundamental revision of its upstream portfolio and the optimization of the investment level which has been designed to improve its financial performance.
Upon completion of the deal, which is subject to regulatory approvals, Statoil will have 100% stake in the UK license P312.
Scheduled to commence production in 2020, the Utgard is planned to be developed as a tie-back to existing infrastructure on the NCS for Sleipner operated by Statoil.
Earlier, Statoil acquired stakes in the UK license from First Oil and Talisman Sinopec in October 2015 and December 2015 respectively.
Statoil plans to make final investment decision for the Utgard filed before the end of the year.
Image: The Sleipner field in the North Sea. Photo: courtesy of Øyvind Hagen / Statoil.
