NEO Energy to Acquire ExxonMobil's Central, Northern North Sea Assets

Updated 7 months ago

The agreement is valued at more than $1.0 billion with contingent considerations of $300 million, based on commodity prices. The portfolio consists of 21 assets, including 14 fields and a number of infrastructure positions. Areas include the Gannet Cluster, Elgin-Franklin Fields, Shearwater Area, Penguins Redevelopment, Nelson, and ETAP. Shell operates many of these fields as well as BP and Total. The deal is expected to close in the middle of 2021.

Russ Alton, NEO Energy CEO

This acquisition builds on NEO’s existing North Sea portfolio and towards delivering on our ambition to be a leading producer on the UKCS.