Norway-based private equity company HitecVision-backed NEO Energy has completed the acquisition of UK North Sea assets from Total Oil UK and Total E&P North Sea UK.

The acquisition included a portfolio of operated and non-operated assets.

The transaction comprises a material and cash generative portfolio of assets in four producing areas of the UK North Sea.

It adds production of approximately 23,000 barrels of oil equivalent per day (boepd) and reserves of 51 million barrels (MMboe) to Neo Energy’s portfolio.

NEO Energy COO and Interim CEO Paul Harris said: “The expeditious completion of this transaction is a major milestone for NEO Energy as we build a next-generation North Sea operator. I am extremely excited by the quality of both the asset portfolio and the group of over 60 outstanding professionals we have assembled.

“We have quickly established NEO as a leading UKCS independent with a solid platform from which to continue to deliver our sustainable growth strategy. Underpinned by a meaningful production base and development opportunities, I look forward to embarking on this next chapter in NEO’s development.”

The transaction also included operatorship of two asset clusters namely, Quad 15 and Flyndre areas, and an operator organisation of over 80 experienced employees and contractors.

The deal was first announced in July last year. Petrogas, which was part of the original deal, is no longer a part of the transaction.

In May this year, Neo Energy, HitecVision and Total renegotiated the financial terms of the deal to respond to the environment at that time.