NEO Energy and Repsol Resources UK Combine to Form NEO NEXT

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 UK North Sea Assets from Total

August 3, 2020

Energy

NEO Energy, with support from private equity firm HitecVision, acquired a portfolio of operated and non‑operated UK North Sea assets from Total Oil UK Ltd and Total E&P North Sea UK Ltd. The portfolio (including the Quad 15 and Flyndre clusters) averaged ~23,000 boepd in 2019, adds roughly 51 MMboe of reserves, and transfers an operator organisation of ~60–80 employees; the revised deal included vendor financing and earnout mechanisms and completed in mid‑2020.

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).

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.

Repsol Acquires ConnectGen from Quantum Capital Group

September 7, 2023

Energy

Repsol agreed to acquire US renewable developer ConnectGen from Quantum Capital Group/547 Energy for $768 million, adding a 20,000 MW pipeline and onshore wind development capabilities. The acquisition gives Repsol a significant onshore wind growth platform in the United States and brings ConnectGen’s development team into Repsol Renewables to accelerate the company’s international renewables expansion and 2030 capacity targets.

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.