NEO Energy Wraps Up North Sea Total Deal
NEO Energy has completed the acquisition of a portfolio of operated and non-operated assets in the UK North Sea from Total Oil UK Ltd and Total E&P North Sea UK Ltd, the company has confirmed.
The transaction consists of a material, cash generative portfolio of assets in four producing areas of the UK North Sea, with an average 2019 production of approximately 23,000 barrels of oil equivalent per day and substantial development upside, NEO Energy noted. It includes the operatorship of two asset clusters and more than 60 employees and contractors, the company highlighted.
“The expeditious completion of this transaction is a major milestone for NEO Energy as we build a next generation North Sea operator,” Paul Harris, the chief operating officer and interim chief executive officer (CEO) of NEO Energy, said in a company statement sent to Rigzone.
“I am extremely excited by the quality of both the asset portfolio and the group of over 60 outstanding professionals we have assembled,” he added in the statement.
“We have quickly established NEO as a leading UKCS independent with a solid platform from which to continue to deliver our sustainable growth strategy. Underpinned by a meaningful production base and development opportunities, I look forward to embarking on this next chapter in NEO’s development,” the interim CEO continued.
Back in May, NEO Energy and HitecVision revealed that the deal, which was first announced in July last year, had been renegotiated with Total “to respond to the current environment”. Following the renegotiation, previous deal partner Petrogas was no longer part of the transaction.
NEO Energy is an independent, full-cycle North Sea operator in the UKCS backed by HitecVision, according to its website. HitecVision is describes as a leading private equity investor focused on Europe’s offshore energy industry.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension