Ashurst is advising JX Nippon Oil and Gas Exploration Corporation subsidiary, JX Nippon Exploration and Production (U.K.) Limited, on the sale of its 17.07% interest in UK Licence P111 Block 30/3a (upper), comprising a part of the Blane oil field (“Blane Field”) in the North Sea, to Faroe Petroleum (U.K.) Limited ("Faroe").

The Blane Field is located on the UK continental shelf, extending into the Norwegian Sector. It was discovered in 1989 and started production in 2007. Blane Field had 2016 gross production of approximately 2,900 barrels of oil equivalent per day. Faroe is an existing partner in the UK licence, in which part of the Blane Field is located.

The Ashurst team was led by partner Julia Derrick and assisted by senior associate Grace Rackham and associate Emma Camilleri.