NEO Energy

NEO Energy
Company typePrivate
IndustryPetroleum
FoundedJuly 2019; 5 years ago (2019-07)
Headquarters
London
,
United Kingdom
Area served
United Kingdom
Key people
Paul Harris (CEO)
Number of employees
204
Websiteneweuropeanoffshore.com

NEO Energy is a UK-based offshore oil and gas company operating on the United Kingdom Continental Shelf in the North Sea. It was founded in July 2019 and is backed by the Norwegian private equity firm HitecVision, which merged it with Verus Petroleum, another of its UKCS oil and gas producers, in October that year.[1][2] NEO Energy produced 80,999 barrels of oil equivalent on average per day in 2022.[3] The company has been described as part of a group of new entrants to the UK offshore industry following the 2014 price crash, with others including Neptune Energy, Harbour Energy's Chrysaor, Zennor Petroleum, and Ithaca Energy-owned Siccar Point Energy.[4] It was listed by Grant Thornton's 2024 Scotland Limited report as the highest-earning private company in Scotland in 2024 before interest, tax, depreciation and amortisation (EBITDA), up from 26th the previous year, and the second-highest by turnover. It did not appear in the top five companies by number of employees.[5]

  1. ^ "The new North Sea players riding the wake of the retreating majors". Financial Times. Retrieved 3 May 2024.
  2. ^ "North Sea producers warn windfall tax has forced rethink of UK projects". Financial Times. 16 June 2022. Retrieved 7 May 2024.
  3. ^ "Profits and production surge at UK producer NEO Energy". Energy Voice. 2 October 2023. Retrieved 3 May 2024.
  4. ^ Bridge, Gavin; Dodge, Alexander (2022). "Regional assets and network switching: shifting geographies of ownership, control and capital in UK offshore oil". Cambridge Journal of Regions, Economy and Society. 15 (2): 367–388. doi:10.1093/cjres/rsac016. hdl:11250/3059425.
  5. ^ "Scotland's Top 100 private companies revealed in new report". The Herald. Retrieved 22 May 2024.