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
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