NEO Energy has completed the previously announced acquisition of a portfolio of non-operated oil and gas assets in the UK Central and Northern North Sea from ExxonMobil. The company made the announcement on Wednesday.
North Sea-focused oil company NEO Energy in February struck a deal to buy ExxonMobil's UK North Sea assets.
Backed by Norwegian private equity investor HitecVision, NEO Energy said it would acquire "a major portfolio" of non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil, in a transaction valued at "more than $1 billion."
The agreement includes ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster and Shearwater; Elgin Franklin fields operated by TotalEnergies; and interests in the associated infrastructure. ExxonMobil’s share of production from these fields was approximately 38,000 oil-equivalent barrels per day in 2019.
The transaction took a bit longer than expected to complete, as the two companies had in February targeted completion for mid-2021.
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