Dana Petroleum has terminated an agreement with NEO Energy concerning the proposed acquisition of the Western Isles FPSO for NEO’s Buchan Horst development in the UK central North Sea.
The agreement has passed the longstop date of end-February 2025.
Jersey Oil & Gas (JOG), a partner in Buchan Horst, said the joint venture's ability to recommit to the acquisition remains linked to the outcome of the industry’s fiscal and regulatory consultations with the UK government, and completion of required pre-handover works on the vessel.
JOG CEO Andrew Benitz said, “The fiscal consultation was kicked off yesterday [March 6] and encouragingly, while the details are yet to be fleshed out, it was apparent that the government has heard many of the concerns of the industry."
