Japanese firm Marubeni is reportedly considering selling its main oil and gas fields in the UK North Sea.

The company, which is working with Jefferies Financial Group, intends to divest its non-operated stake in the MonArb area in the Central North Sea, Bloomberg reported citing undisclosed sources familiar with the development.

The Montrose Area includes the Montrose, Arbroath, Arkwright, Brechin, Wood, Godwin, Shaw and Cayley fields. It is located in blocks 22/17, 22/18, 22/22 and 22/23, approximately 200km east of Aberdeen.

In the first three quarters of 2020, the MonArb fields reported production of 24,000 barrels of oil equivalent a day, according to the UK Oil and Gas Authority (OGA).

Repsol Sinopec Resources UK (Talisman Sinopec Energy UK) is the operator of the MonArb area with a 58.97% stake while Marubeni Oil & Gas (UK) is the sole partner.

Marubeni also owns 5% to 8% stakes in the North Sea Columba fields. These fields have a combined production capacity of 3,500 barrels of oil equivalent a day, according to Bloomberg.

In recent years, Japanese oil producers such as Itochu and Idemitsu Kosan have exited from the North Sea operations.

In November 2019, Marubeni’s subsidiary Ravva Oil (Singapore) and its other joint venture (JV) partners have agreed with the Indian Government to extend the production sharing contract (PSC) for the Ravva oil and gas field.