Japanese commodity buying and selling home Itochu is looking for patrons for stakes in two North Sea oilfields, a pipeline and a terminal, a doc seen by Reuters exhibits.

The sale, run by Scotiabank, may fetch as much as $250 million, in keeping with banking sources.

The transaction would mark the newest exit of a long-standing participant within the growing old basin as a brand new era of corporations, many with the backing of personal fairness, seeks to inject new life into oil and gasoline fields.

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Itochu, by way of its British subsidiary CIECO UK, is providing to promote its 23 p.c stake within the Western Isles subject cluster within the northern North Sea, positioned some 160 km (100 miles) east of the Shetland islands.

The subject, which is operated by British group Dana Petroleum, began manufacturing in November 2017 and yielded 45,000 barrels of oil per day in April 2018, in keeping with the sale brochure.

Itochu can also be promoting a 26 p.c stake within the Hudson subject and small stakes within the Brent System Pipeline and the Sullom Voe Terminal.

Bids are due by noon London time on June 27, the doc confirmed.

Itochu and Scotiabank didn’t reply to requests for remark.

Itochu lately agreed to purchase a 20 p.c stake within the Iraqi West Qurna 1 oilfield from Royal Dutch Shell, signaling that the Japanese agency is popping its consideration to new areas. It entered the North Sea within the early 1990s.

The sale doesn’t embrace CIECO’s 12 p.c stake within the Verbier discovery, operated by Norway’s Equinor.Source: www.reuters.com

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