Our ambition is to be a leading producer in the UKCS, reaching 120,000 boepd by 2023 through M&A and maintaining a stable production level of 80,000-120,000 boepd in the long term.
NEO was founded in July 2019 as an independent full-cycle energy business in the UKCS. We’re backed by HitecVision, a leading private equity investor focused on Europe’s offshore 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.
In 2020 NEO completed the acquisition from Total of a portfolio of operated and non-operated assets in the UK North Sea. This created a solid platform for growth and secured our position as one of the top 10 independent producers in the region.
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. We are targeting production of 120,000 boepd in 2023.
Operational excellence is at the heart of our strategy. It’s vital to unlocking the value we see in assets and provides the opportunity to maximise potential and drive profitability and sustainable returns.
We pursue top-quartile uptime and efficiency, allowing us to increase production and reduce costs, while building a safe and responsible business in the UKCS.
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.
And we look for opportunities for near-field exploration and enhanced oil recovery; extending the life of the fields where we have a presence.
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.