Omani firm buys Total’s North Sea assets in a $635mn deal

Muscat - 

Oman’s Petrogas and Norway-based private equity investor HitecVision have bought a portfolio of French oil giant Total’s North Sea assets in a US$635mn deal. The acquisition is made by Petrogas NEO UK Ltd, a company jointly owned by Petrogas E&P UK Ltd , a subsidiary of Oman-based Petrogas (a part of MB Holding group) and NEO E&P, an investment platform of HitecVision.

Petrogas and HitecVision intend to jointly build a full-cycle North Sea operator focusing on combining value creation from the prospective North Sea basin with high environmental, social and governance standards, stated HitecVision.

‘Formerly owned by Maersk Oil, these assets are located in the Eastern North Sea. The overall consideration for this deal amounts to US$635mn with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019,’ stated Total.

Usama Barwani, CEO of Petrogas, said, “Five years back, Petrogas stepped into Europe by acquiring Chevron’s assets in the Netherlands, opening a new international heartland with vision of consolidation and growth in the North Sea. This acquisition in the UK is a significant step in line with a wider vision, a diverse portfolio and talent pool.”

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