EurOil: JAPEX takes full control over Norwegian joint venture

Japanese upstream player JAPEX has taken full control of its Norwegian oil and gas joint venture with London-listed Longboat Energy, after acquiring the remaining 50.1% interest in the enterprise.

JAPEX spent $2.5mn on the 50.1% stake in Longboat JAPEX – a deal that will be completed in the third quarter of this year, the Japanese company said. In May last year it bought a 49.9% interest in the joint venture, then known as Longboat Energy Norge. The UK firm had been looking to raise extra financing through asset sales, farm-down deals or the issue of new equity.

JAPEX’s initial investment in the joint venture in 2023 came to $16mn. As part of the deal, Longboat JAPEX used part of the investment by the Japanese company to repay an intercompany loan of NOK45.5mn ($4.3mn) to Longboat Energy. A further $4mn was paid when the transaction was completed later last year.

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