Dana Petroleum and NEO Energy have announced the signing of a sale and purchase agreement under which NEO Energy will acquire Dana’s full equity in the Western Isles FPSO. This means that NEO Energy will be taking over ownership of the FPSO, which is currently located in the North Sea.
The acquisition comes after Dana decided to divest itself from its interests in the Western Isles FPSO, following a strategic review of its assets. NEO Energy, on the other hand, has expressed its intention to redeploy the FPSO at the Buchan field redevelopment. The transaction remains subject to certain conditions including final investment decision and regulatory approval of the Buchan redevelopment project.
This move by NEO Energy represents a significant development for both companies and for offshore oil and gas production as a whole. With this acquisition, NEO Energy is expanding its portfolio of assets and further diversifying its operations in offshore oil and gas exploration. It also marks a new chapter for Dana Petroleum as it continues to refocus its strategy towards core areas of expertise.