Dana Petroleum and NEO Energy have signed a sale and purchase agreement under which NEO Energy will acquire Dana’s full equity in the Western Isles FPSO.
NEO Energy and Dana Petroleum will redeploy the FPSO to the Greater Buchan Area where the start-up is expected in 2026.
Dana Petroleum and NEO Energy have agreed to end production from the Western Isles fields which produce through the FPSO on or around March 31, 2024. Subject to regulatory and other approvals, the FPSO will then be acquired by NEO Energy for redeployment to the Greater Buchan Area.
This agreement will permit the redeployment of the FPSO to the Greater Buchan Area and the transfer of the Western Isles field will be given to Norwegian renewable energy development company Mangora. The Norwegian firm is planning a 500MW floating offshore project on the Western Isles.
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The Greater Buchan Area interests are held under P2498 and P2170 licenses located in the UK Central North Sea. License P2498 contains the Buchan oil field and J2 oil discovery and License P2170 contains the Verbier oil discovery and other exploration prospects.
