Total closes sale of non-core UK assets to Neo Energy

Source: press release, 6 August 2020

photo: Total
photo: Total

Following the regulatory approvals and the agreement of partners, Total has closed the sale of UK North Sea non-core assets to NEO Energy.

“As announced on May 20, we have worked closely with HitecVision and its portfolio company NEO Energy to conclude this sale. This sale of assets contributes to the action plan currently being implemented to address the economic crisis by focusing on cash delivery and demonstrates our ability to relentlessly lower the breakeven of our portfolio,” says Jean-Pierre Sbraire, Chief Financial Officer of Total.

The detailed transition plan prepared with NEO Energy will ensure a smooth transfer of operations.