HitecVision/NEO Energy have entered exclusive negotiations to purchase ExxonMobil’s upstream assets in the central and northern North Sea, which, if successful, are expected to result in a signed sales agreement in the first quarter, with close later in the year.

About NEO Energy

NEO Energy is an independent full-cycle North Sea operator in the UK Continental Shelf backed by HitecVision, a leading provider of institutional capital to the North Sea region’s energy industry. NEO is focused on combining value creation from the prospective North Sea basin with high Environmental, Social and Governance standards. It operates a high quality, sustainable asset base with a significant scope to grow production organically, by extending the life of its assets, and through acquisitions, to achieve production of 80-100kboe/d.

About HitecVision

HitecVision is a leading private equity investor focused on Europe’s offshore energy industry, with USD 6.7 billion under management. HitecVision is headquartered in Stavanger, Norway, with other offices in Oslo and London. Since 1994, the HitecVision team have invested in, acquired or established more than 190 companies, including more than ten E&P companies, such as Vår Energi, the largest independent E&P company in Norway.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world.