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- NEO Energy to acquire Zennor Petroleum
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UK: NEO Energy to acquire Zennor Petroleum
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North Sea firm NEO Energy snaps up Zennor Petroleum for $625m
North Sea-focused NEO Energy has increased its portfolio of oil assets through today s deal.
North Sea oil firm NEO Energy has this evening announced that it has bought fellow explorer Zennor Petroleum for $625m (£450m).
The deal means that the independent producer will increase its regular output to 90,000 and 100,000 barrels a day over the next five years, making it one of the biggest producers focused on the UK continental shelf.
At the moment the the firm, which has set itself the target of achieving production output of 120,000 barrels per day, extracts about 80,000 barrels a day.
NEO Energy to double production through acquisition of asset portfolio from ExxonMobil
édité le 25/02/2021 - Plus de news de NEO Energy - Voir la fiche entreprise de NEO Energy
NEO Energy is acquiring a major portfolio of non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil. Following completion, NEOs expected proforma 2021 production will be circa 70,000 barrels of oil equivalent per day (boepd), growing organically to more than 80,000 boepd in 2024 through ongoing field developments. NEO is acquiring a substantial, cash generative portfolio that will significantly increase and diversify its producing asset base. Adding close to 40,000 boepd and more than 140 million boe of reserves, it represents a major step towards NEOs near-term target of producing 120,000 boepd.
ExxonMobil sells bulk of UK North Sea assets to fast-growing NEO Energy | Hellenic Shipping News Worldwide
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