Japan Petroleum Exploration (JAPEX) is exploring the possibility of exiting the North Sea by selling its 15% stake in the Seagull oil and gas field.
The company is currently calling for bids, with the deadline expected to be in December 2024.
The Seagull field, operated by BP, began production in late 2023 and currently produces around 25,000 barrels of oil equivalent per day (boepd) from two wells.
With the potential to drill two additional wells, production could increase to as much as 50,000 boepd in the future.
While JAPEX has not made a final decision, the company is exploring measures to enhance the value of the UK operation.
This move comes as several developers are leaving the ageing North Sea due to declining production and government policies aimed at transitioning away from oil and gas.
JAPEX’s potential exit would add to the list of companies departing from the North Sea, including Canada’s Suncor and China’s Sinopec in 2023.
ExxonMobil is also looking to sell its stakes in the Clipper and Leman Alpha field clusters.
The outcome of this potential sale could have significant implications for the future of oil and gas exploration and production in the North Sea region.
