JX Nippon to acquire Japan Drilling Co.
JX Nippon Oil & Gas Exploration Corporation has reached an agreement with the funds related to Aspirant Group to acquire the entire issued shares of Japan Drilling Co. (JDC), it said on March 15.
The company will seek to obtain the required regulatory approvals with the aim of completing the acquisition around the end of April of this year. Post the deal, JDC will become a wholly-owned subsidiary of JX Nippon.
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“Through our collaboration to date, we have placed a great deal of trust in the human resources and technological capabilities of JDC, particularly in its drilling operations and safety management capabilities,” JX Nippon said. “We believe that, once JDC, which is also a valuable asset to Japan, joins with our group, our competitiveness in the oil and natural gas development business will further strengthen.”
JX Nippon, which is part of the Eneos Group, added that the move would reinforce the CCS/CCUS value chain offered by the group.