TOKYO -- A unit of Eneos Holdings, Japan's top oil refiner, will sell its interests in oil and gas fields in the North Sea as it shifts its resources toward renewable energy.
JX Nippon Oil and Gas Exploration said Friday it has agreed to sell 100% of subsidiary JX Nippon Exploration and Production (U.K.) to British company NEO Energy Upstream UK. The price will be based on the unit's $1.66 billion valuation, adjusted for factors including debt and working capital. The Japanese company will unload all of its U.K. assets with the sale.
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