HitecVision-owned NEO Energy has agreed to purchase 10 producing North Sea fields from Total, after previous joint venture (JV) partner Petrogas withdrew from the proposed deal. HitecVision announced on 20 May 2020 that it has renegotiated the transaction terms to reflect current market conditions, with the deal expected to close in Q3 2020 subject to regulatory approval. The Petrogas NEO 50/50 JV had originally agreed to buy the 10 fields for US$ 635 million, as announced on 10 July 2019. The assets have 2019 production of ~23,000 boe/d, adds reserves of 51 MMboe to NEO Energy, which includes operatorship of Quad 15 and Flyndre areas with an FPSO and over 80 employees and contractors. NEO Energy will acquire operated interest in seven fields from Total: 100% in Dumbarton (AKA Donan - P1041 15/20a), Balloch & Lochranza (P1041 - 15/20a) and Drumtochty (P2131 - 15/25c), 65.94% in Flyndre (P079 & P255 - 30/13a & 14a), 66.67% in Affleck (P255 - 30/19a) and 60.6% in Cawdor (P079 & P255 - 30/13a & 14a). The company will also gain equity in three CNOOC-operated fields - 31.56% in GoldenEagle (P928 & P300 - 20/1 & 14/26a), 5.16% in Scott and 2.36% in Telford (P185 - 15/22). Total acquired the assets when it bought Maersk Olie & Gas A/S (Maersk Oil) in March 2018. HitecVision UK assets are held in subsidiary NEO Energy (previously Verus Petroleum until November 2019) which holds interest in 13 licences (3 Op) over 16 part blocks with production of 15,550 boe/d from multiple fields. In Norway, Eni Norge and HitecVision subsidiary Point Resources merged to form VÃ¥r Energy in 2018. HitecVision also holds equity in Norwegian mature asset operator CapeOmega.<P />
HitecVision-owned NEO Energy has agreed to purchase 10 producing North Sea fields from Total, after previous joint venture (JV) partner Petrogas withdrew from the proposed deal. HitecVision announced on 20 May 2020 that it has renegotiated the transaction terms to reflect current market conditions.