UK North Sea consolidation gathers pace
Two more deals see focused new entrants gain size as sellers exit
The UK continental shelf (UKCS) is considerably less consolidated than its counterpart on the Norwegian side of the maritime border. But M&A trends are seeing continued growth of players with narrow focus on the basin, while those for whom the UKCS is just one part of a portfolio step back. The latest transactions have seen further expansion of the footprints of two Norwegian-backed firms—Neo Energy, a vehicle of private equity (PE) firm HitecVision, and Waldorf Production, led by Erik Brodahl, another Norwegian oil and gas PE veteran. Neo is buying UK independent Zennor Petroleum for up to $625mn, including deferred and contingent payments, marking the North Sea exit of Zennor’s PE back
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy