One of Japan’s oil majors is to make its first move into the North Sea after agreeing to join a consortium bidding in the next round of UK continental shelf licences.
Japex Petroleum Exploration, which has operations in the middle east, the US, Canada and Russia, will partner with Trap Oil, Taqa and Cieco.
The joint venture are looking to acquire exploration opportunities when the Department of Energy and Climate Change announces the next round of bidding for the UKCS in January.
“The welcome addition of JAPEX to our strategic consortium demonstrates the commitment that major international companies, with significant financial resources, are willing to make in pursuit of successful exploration and appraisal applications in the 28th Licensing Round,” said Trap Oil chief executive Mark Groves Gidney.
“Our partners will draw on Trap Oil’s considerable experience, expertise and technical capabilities together with our unique access, on negotiated terms, to state of the art seismic data, thereby benefitting from substantial economies in the initial appraisal of attractive opportunities.”
The deal will see the companies holding equal working interests in potential prospects for joint exploration, with Trap Oil taking the lead.
The partners will pay Trap Oil a retainer and carry a portion of exploration and appraisal costs.
