NEO Energy, an offshore oil and gas company, has announced the acquisition of Dana Petroleum’s full equity in the Western Isles FPSO. The Western Isles FPSO will be redeployed at the Buchan field redevelopment, where NEO Energy intends to expand its operations. The transaction is subject to certain conditions such as final investment decision and regulatory approval of the Buchan redevelopment.
The sale and purchase agreement between Dana Petroleum and NEO Energy marks a significant milestone in the offshore oil and gas industry. With this acquisition, NEO Energy will gain access to additional resources that will help it grow its business and expand its operations in the North Sea.
The Western Isles FPSO was previously operated by Dana Petroleum at the Western Isles oilfield. Under the new ownership of NEO Energy, it will be redeployed at the Buchan field redevelopment to support the expansion of operations there. This move is expected to bring economic benefits to both companies and create new job opportunities in the offshore oil and gas industry.
The transaction is expected to be completed by early 2024, pending regulatory approval and final investment decision. It represents a strategic move for both companies, as they continue to position themselves for long-term success in the North Sea’s offshore oil and gas market.