Canadian firm Gran Tierra Energy has announced a $7.5 million (£5.5m) deal to sell its North Sea subsidiary to NEO Energy.
The wholly owned subsidiary, Gran Tierra North Sea Limited (GTNSL), holds a 100% equity interest in the UK continental shelf licence P2358.
Gran Tierra secured a 100% interest in the P2358 licence in after acquiring North Sea operator i3 Energy in October last year.
i3 Energy had been developing the P2358 licence, which contains the Serenity discovery, alongside partner Europa Oil & Gas.
Serenity has previously been valued at over $1 billion in a 2022 Tennyson Securities report, and i3 has flagged up to 100 million recoverable barrels from the oil project.
NEO Energy and Gran Tierra
Gran Tierra said completion of the transaction is subject to certain conditions, including obtaining consent from the North Sea Transition Authority regulator.
The deal is expected to close in the third quarter of 2025, Gran Tierra said.
Located in the Central North Sea, NEO said it could develop the Serenity discovery as a potential future tie-back to the Bleo Holm FPSO.
© Stena DrillingOwned by Bluewater and operated by Spanish firm Repsol, the Bleo Holm has been processing oil and gas from Repsol’s Ross and Blake fields since 1999.
Earlier this year, NEO and Repsol announced a “strategic merger” of their UK operations.
Under the deal, NEO said it will hold a 55% stake in the combined business, which will be renamed NEO NEXT Energy, with Repsol retaining the remaining 45%.
NEO said the Gran Tierra acquisition “creates potential growth and development opportunities” as part of the Repsol strategic merger.
NEO is backed by Norwegian private equity firm HitecVision.
The Stavanger-based company is also a major shareholder in Vår Energi, the largest independent E&P company in Norway, alongside Italian firm Eni.
