NEO Energy Expands Portfolio with Acquisition of Gran Tierra North Sea Limited

Aberdeen-based full-cycle energy business, New European Offshore (NEO Energy), is making waves in the oil and gas industry with its latest acquisition. The company has set its sights on expanding its portfolio by acquiring Gran Tierra North Sea Limited (GTNSL) from Canada’s Gran Tierra Energy.

Gran Tierra Energy has initiated the sale of its UK subsidiary, GTNSL, to NEO Energy for a total consideration of $7.5 million. This acquisition includes GTNSL’s 100% equity interest in license P2358, which holds the Serenity discovery on the United Kingdom Continental Shelf (UKCS).

The transaction is expected to be completed in the third quarter of 2025, pending approval from the North Sea Transition Authority and other customary conditions. The Serenity discovery, with its potential tie-back to the FPSO Bleo Holm, presents growth and development opportunities for NEO Energy.

NEO Energy’s recent merger with Repsol Resources UK further enhances the potential of the Serenity discovery. Upon completion of the merger, the combined entity, to be known as NEO NEXT Energy, will be 55% owned by NEO and 45% by Repsol UK. This new entity is poised to become one of the largest producers in the region.