Japan’s trade ministry has offloaded a 62% stake in a Papua New Guinea oil and gas venture to JX Nippon Oil & Gas Exploration, Reuters reports. The transaction, which was valued at $237 million, increases JX Holdings unit’s stake in the venture to 98.4% from a previous 36.4%.

Mitsubishi holds the remaining stake in the venture. The tender is part of the government’s policy to sell upstream energy stakes held by Japan National Oil. A wholly owned unit of the venture, Merlin Petroleum, owns a 4.7% stake in an Exxon Mobil led $15 billion liquefied natural gas project in Papua New Guinea.

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