NEO Energy Acquires Zennor Petroleum

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.

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.

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.

HEYCO Energy Group Acquires Egdon Resources

September 28, 2023

Oil & Gas

HEYCO Energy Group, through its subsidiary Petrichor Partners LP, completed the acquisition of UK onshore exploration and production company Egdon Resources plc. The deal brings Egdon’s 33 UK licences and producing assets (including the Wressle field) into HEYCO’s privately owned portfolio, expanding its European footprint and adding conventional, shale and renewable energy opportunities.

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.