Offshore staff
LONDON – HitecVision and NEO Energy have agreed with Total to revise terms of a transaction first announced last July.
This is in response to present market conditions, allied to the fact that Petrogas is no longer part of the transaction.
It covers the transfer of operatorship to NEO of the Quad 15 and Flyndre areas in the UK central North Sea, and over 80 personnel and contractors.
Production form these interests averaged around 23,000 boe/d last year, and will bring NEO reserves of 51 MMboe.
Subject to regulatory approvals, the deal is expected to go through by 3Q 2020.
Total and NEO have developed transition plans to facilitate the handover, allowing NEO to focus on operating efficiencies and implementing growth plans.
05/20/2020
