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Petrofac bags five-year UK well management deal with NEO Energy

© Supplied by PetrofacPetrofac NEO Energy

Petrofac has landed a five-year well management contract extension with NEO Energy, covering five offshore fields in the UK North Sea.

The deal encompasses well management and well operator services for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza and Finlaggan fields, first awarded in 2020.

It also builds on an integrated services contract for operational, maintenance, engineering and construction support across NEO Energy UK assets which began in 2020.

Petrofac said the new extension positions it to support future well construction and intervention campaigns.

Chief operating officer of Petrofac Asset Solutions, Nick Shorten, said: “As Well Operator for over 50 wells on behalf of seven clients, including NEO Energy, this award allows us to build on our exemplary track record of delivering Well Operator services in the UKCS.

“Unlocking long-term value for our clients is of the utmost importance to Petrofac.

“Since taking on Well Management and Well Operator responsibilities on behalf of NEO in 2020, we have proactively managed the integrity of existing well stock, supported the successful startup of the Finlaggan Field and continued to plan and prepared for execution of production enhancing intervention and new well construction campaigns in 2022/23.

“We have achieved this thanks to our close working relationship with NEO and our commitment to enhancing value and delivery excellence.”

In May 2020, Oman-based Petrogas pulled out of a deal for a package of Total-operated assets, clearing the way for Neo Energy to complete the deal.

Paris-headquartered Total first announced the $635 million (£520m) sale of the assets – inherited via its takeover of Maersk Oil – in July 2019.

The package included operated stakes in the Dumbarton, Balloch, Lochranza, Drumtochty, Flyndre, Affleck and Cawdor fields, and non-operated interested in Golden Eagle, Scott and Telford, run by Chinese firm Cnooc.

In November 2021, NEO announced it would acquire JX Nippon’s North Sea stakes in a £1.2 billion deal.

The following month,  NEO completed a billion-dollar deal for ExxonMobil’s UK portfolio.

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