NEO Energy has announced the completion of its acquisition of a portfolio of non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil.
Back in February, NEO revealed that it was acquiring a “major” portfolio of non-operated oil and gas assets from ExxonMobil and noted that, following completion, its expected proforma 2021 production would be circa 70,000 barrels of oil equivalent per day. According to a company statement at the time, 21 assets were included in the deal, which was said to be valued at more than $1 billion.
In October, the UK Oil and Gas Authority announced that it had opened an investigation into the sale by Esso Exploration & Production Ltd (EEPUK) of 13 producing fields, specifically Elgin Franklin, to NEO. The OGA outlined that the investigation was taking place amid concerns that it was not progressing as quickly as expected.
Last month, NEO announced that it had signed an agreement to acquire 100 percent of the share capital of JX Nippon Exploration and Production (U.K.) Limited. JX UK holds non-operated interests in multiple producing fields and associated infrastructure in the UK North Sea, including a 20 percent interest in the Mariner field and an 18 percent stake in the Culzean field. The deal was said to exclude JX UK’s interests in the Andrew Area.
In July, NEO revealed that it had completed its acquisition of Zennor Petroleum Limited. This deal was first announced in March, with a company statement at the time outlining that the agreed terms included a total consideration of up to $625 million. In August last year, NEO announced the completion of its 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.
According to its website, NEO’s ambition is to be a leading producer in the UK Continental Shelf, reaching 120,000 barrels of oil equivalent per day in 2023 through mergers and acquisitions. The company was founded in July 2019 as an independent full-cycle energy business in the UKCS. It is backed by HitecVision, which is described as a leading private equity investor focused on Europe’s offshore energy industry. SOURCE: Rigzone