NEO Energy, an energy company, agreed to acquire JX Nippon Exploration and Production, an oil exploration company, from Eneos Holdings, an energy company, for $1.6bn. "This transaction is part of our ongoing global portfolio management strategy to strengthen our upstream portfolio by selling projects that are no longer critical to our business. In line with this strategy, we have decided to sell our UK business to NEO which is an emerging upstream company. This transaction is another step towards the Group's Long Term Vision as we continue to contribute to the development of a low carbon society," Hiroshi Hosoi, JX President and CEO.