HitecVision mulling strategic options for UK oil producer NEO Energy
The Norwegian private equity firm’s options could also include a merger with another operator.
Norwegian private equity firm HitecVision is considering various strategic options, including a potential sale, for UK North Sea oil and gas producer NEO Energy, reported Bloomberg News.
These options could also include a merger with another operator, sources familiar with the matter told the news agency.
The company’s deliberations are ongoing, and it has yet to make a final decision.
In 2021, NEO Energy purchased ExxonMobil’s non-operated oil and gas assets in the UK’s central and northern North Sea for more than $1bn (£781.37m).
NEO Energy acquired ownership stakes in 14 producing fields including Elgin Franklin, Fram, the Gannet Cluster, Penguins, Starling and Shearwater, in addition to interests in the associated infrastructure, from Exxon.
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Published: 12-03-2024
