UK North Sea consolidation gathers pace
Two more deals see focused new entrants gain size as sellers exit
The UK continental shelf (UKCS) is considerably less consolidated than its counterpart on the Norwegian side of the maritime border. But M&A trends are seeing continued growth of players with narrow focus on the basin, while those for whom the UKCS is just one part of a portfolio step back. The latest transactions have seen further expansion of the footprints of two Norwegian-backed firms—Neo Energy, a vehicle of private equity (PE) firm HitecVision, and Waldorf Production, led by Erik Brodahl, another Norwegian oil and gas PE veteran. Neo is buying UK independent Zennor Petroleum for up to $625mn, including deferred and contingent payments, marking the North Sea exit of Zennor’s PE back
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
