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Our ambition is to be the leading E&P company in the UKCS.

History

NEO was founded in July 2019 as an independent full-cycle energy business in the UKCS. We’re backed by HitecVision a leading provider of institutional capital to Europe’s energy industry.

In October 2019, HitecVision integrated its other North Sea firm, Verus Petroleum into NEO; a significant step towards NEO becoming a leading UKCS independent. Verus Petroleum was a successful company in itself that had built a strong portfolio from 2014 onwards, and through this portfolio NEO acquired historic operating experience.

Since 2020, NEO has significantly grown its portfolio of UK North Sea assets through a series of corporate and asset transactions with TotalEnergies, Zennor Petroleum, ExxonMobil and JX Nippon. This has created a solid platform for further growth, and secured our position as one of the top five independent producers in the region.

Strategy

Our strategy is to build a leading producer in the UKCS through operational excellence and a combination of organic and inorganic growth, underpinned by a culture of continual improvement.

Excel Operational excellence

Operational excellence is vital to unlocking the value we see in assets and provides the opportunity to maximise potential, and drive profitability and sustainable returns.

Optimise Organic growth

We look to achieve a significant level of organic growth by examining field life extension opportunities for the fields where we operate, as well as continually reviewing in-field bolt-on opportunities.

We look for opportunities for near-field exploration and enhanced hydrocarbon recovery; extending the life of the fields where we have a presence.

Grow Growth by acquisition

With a focus on high-quality, long life production and development assets in the UKCS, we target strategic acquisition opportunities that are value accretive and complement our portfolio, either operationally or geographically.

We continue to screen and evaluate investment opportunities with these characteristics, and look at those that give us operatorship and development exposure.