NEO Energy Acquires UK North Sea Assets from Total

NEO Energy Acquires ExxonMobil North Sea Asset Portfolio

February 24, 2021

Energy

NEO Energy, backed by HitecVision, has agreed to acquire a portfolio of 21 non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil for more than USD 1 billion (with up to ~USD 300 million contingent). The deal materially increases NEO's production (adding ~40,000 boepd and >140 million boe of reserves), positioning the company among the top five UK oil and gas producers and supporting rapid near-term growth on the UK Continental Shelf.

NEO Energy Acquires Zennor Petroleum

January 1, 2021

Energy

NEO Energy, backed by private equity firm HitecVision, has acquired independent oil and gas company Zennor Petroleum Limited in a transaction valued at up to USD 625 million (including deferred and contingent consideration). The deal increases NEO’s operated UK Continental Shelf portfolio and production profile, adds ~40 mmboe of reserves and >90 mmboe of un‑risked resource, and brings the Zennor team into NEO (raising combined headcount to over 180).

NEO Energy and Repsol Resources UK Combine to Form NEO NEXT

March 27, 2025

Energy

NEO Energy and Repsol Resources UK have agreed a strategic merger to create NEO NEXT, a jointly owned upstream producer on the UK Continental Shelf. Under the terms, NEO will hold 55% and Repsol UK 45% of the combined business; Repsol will retain USD 1.8 billion of related decommissioning liabilities. Completion is subject to regulatory approvals and is expected in Q3 2025.

Vår Energi Acquires Neptune Energy Norge AS

January 31, 2024

Oil & Gas

Vår Energi ASA completed the acquisition of 100% of the shares in Neptune Energy Norge AS, strengthening its position on the Norwegian Continental Shelf and adding ~67 kboepd of production and ~265 mmboe of 2P reserves. The transaction was agreed at an enterprise value of USD 2.275 billion and closed on 31 January 2024 (effective date 1 January 2023); net cash consideration paid on completion (less cash in Neptune Norway) was approximately USD 1.2 billion. The deal increases Vår Energi's scale, operatorships and gas/LNG exposure and is inter-conditional with a separate transaction in which Eni acquires the remainder of Neptune's global assets.

Equinor and SSE Thermal Acquire Triton Power from Energy Capital Partners

June 28, 2022

Energy

Equinor and SSE Thermal have completed the £341 million acquisition of Triton Power from Energy Capital Partners, forming a 50:50 joint venture to own Triton. The deal includes the 1.2 GW Saltend Power Station and positions the buyers to decarbonise flexible power generation — including plans to prepare Saltend to run on up to 30% hydrogen from 2027 and eventual conversion to hydrogen — while supporting Equinor's H2H Saltend hydrogen project.

PGNiG Acquires INEOS E&P Norge Assets for $615M

January 1, 2021

Oil & Gas

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), via its Norwegian unit PGNiG Upstream Norway AS, agreed to acquire all assets of INEOS E&P Norge AS from INEOS for USD 615 million. The assets comprise predominantly gas-producing fields, exploration licences on the Norwegian continental shelf and an 8.2% interest in the Nyhamna gas terminal — a strategic move to boost PGNiG's Norwegian gas output and diversify Poland's gas imports.