Total confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019.
Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the transaction.
Total and NEO Energy have developed detailed transition plans to deliver a smooth handover of operations upon completion, while allowing NEO to focus on embedding planned operating efficiencies and growth plans as rapidly as possible.
Subject to regulatory approvals, the parties expect to complete the transaction by the third quarter 2020.
