JX Nippon Oil & Gas Exploration has reached an agreement with the funds related to Aspirant Group to acquire the entire issued share capital of Tokyo-based offshore driller Japan Drilling Company (JDC).
The deal, expected to close by the end of April this year, will see Japan’s sole offshore driller become a consolidated subsidiary of JX Nippon.
The company, which is part of the Eneos Group, stated that the move would bolster its competitiveness in oil and natural gas development as well as carbon capture and storage.
“Drilling wells to inject and store CO2 underground is an important technological component of the CCS/CCUS value chain, and JDC’s participation will further reinforce the CCS/CCUS value chain offered by the Eneos Group and enhance its set-up and capabilities to help Japan achieve its carbon neutrality plan,” JX Nippon said.