Neo Energy continues its acquisition in the North Sea. The company owns some of the fields that previously belonged to Maersk Oil and was also the buyer when Total sold its holdings in the North Sea in August 2020.
Now Neo Energy has acquired further in the North Sea. In a deal worth "more than a billion dollars" (6 billion kroner), Neo is buying shares in 14 fields in the North Sea from the American ExxonMobil.
The deal also contains additional clauses for the price of a total of 1.8 billion kroner, which depends on how the oil price develops in the future.
The acquisition adds 40,000 barrels to Neo Energy's daily production on the British continental shelf, which will thus reach 70,000 barrels per day. This makes Neo Energy the fifth largest player in the British North Sea.
The deal is also an important addition to Neo Energy's own target of a daily production of 120,000 barrels per day next year.
- This acquisition builds on Neo's existing portfolio in the North Sea and is a step towards our ambition to become the leading producer on a British continental shelf, says Russ Alton, CEO of NEO Energy.
Neo Energy's owner, Norwegian investment company HitecVision, is financing approximately a third of the deal, while the rest is financed by bank loans.
The deal is expected to go through in mid-2021, if approved by the authorities, Neo Energy said.
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