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Petrogas and HitecVision are pleased to announce the signing of an agreement to acquire a portfolio of operated and non-operated upstream assets in the UK North Sea from Total Oil UK Ltd and Total E&P North Sea UK Ltd. The overall consideration for the assets amounts to USD 635 million.


The transaction consists of a material, cash generative portfolio of assets in four producing areas in the UK North Sea, with an expected average 2019 production of 25,000 barrels of oil equivalent per day (boepd), placing the portfolio among the 20 largest producers on the UKCS. The transaction includes operatorship of two assets, the Quad 15 and Flyndre areas, and an operator organisation of around 110 employees and contractors.


The acquisition, which is subject to approval from the relevant authorities, 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 conglomerate 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. The current acquisition is the first step in the realization of this strategy and provides a fundament for further expansion through organic and in-organic activities, including growing its operatorship position further.


The fundamental and highest priority after completion of transaction will be the continuation of safe and efficient operations. With the operatorship capabilities and expertise of the organisation transferred from Total, and the free cash flow generated by the assets, Petrogas NEO will also pursue further growth. The assets to be acquired contain several organic growth opportunities, including infill drilling and development of discoveries close to existing infrastructure, and there is a potential for significant investments and increased activity in the years ahead. Petrogas NEO plans to actively exploit these opportunities, in close cooperation with the UK Oil and Gas Authority and licence partners, while at the same time focusing on improved environmental performance, in line with the company’s strategy of minimizing the carbon footprint of its oil and gas production


The transaction is subject to customary regulatory consents and is expected to complete in Q4 2019, with an effective date of 1 January 2019.

The acquired assets are supported by about 110 employees and contractors, including both onshore and offshore operations staff, together with other technical and support functions. Given the company’s growth plans and other opportunities, Petrogas NEO intends to build on the current Aberdeen presence of Total and no redundancies are expected as a result of the transaction.


In addition to the operated Quad 15 and Flyndre areas, the business to be acquired comprises the non-operated Golden Eagle and Scott/Telford areas, as detailed in the table below, and associated tax balances for all fields.


List of assets included in the transaction

Area Field

Total interest sold


UK Eastern North Sea

Dumbarton 100%     Total
Balloch 100%
Lochranza 100%
Drumtochty 100%
Flyndre 65.94%
Affleck 66.67%
Cawdor 60.6%
GoldenEagle 31.56%


Scott 5.16%
Telford 2.36%

A platform for further growth

HitecVision and Petrogas intend the acquired business to form the foundation of a larger UK E&P company. This transaction is the starting point for a European focused full-lifecycle energy platform, positioning the new company as a substantial independent producer in the UKCS with material built-in upside. This acquisition enables it to establish a long-term sustainable asset base that will generate material value for both investors and employees, and lay a solid foundation towards the objective of building a leading energy company, with production of more than 100,000 boepd.


Usama Barwani, CEO of Petrogas, commented: “Five years back, Petrogas stepped in to 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, adding material asset base, a diverse portfolio and valuable talent pool”.


John Knight, Senior Partner of HitecVision, added: “In the last few years we have clearly seen the creation of a ‘New European Offshore‘ in terms of ownership , investment and innovative financial models. Private equity backed companies and joint ventures are emerging as among the largest investors in Norway and the UK. Larger companies are focusing their assets in Europe on a few key assets or exiting the region. In HitecVision we have invested in this theme in JVs like Vår Energi. Now this acquisition is our first step towards creating something similar in the UK.”



Petrogas E&P, the Exploration & Production arm of MB Holding Group of Companies recently received two international certifications - the ISO 14001:2004 - Environment Management System and the OHSAS 18001:2007 Occupational Health and Safety Management System. The company is now internationally recognized for its high level of standards in Environment Management Systems and HSE in alignment to ISO 14001:2004 & OHSAS 18001:2007 and monitored with strict parameters that are used globally. As one of the leading Exploration & Production companies in the Sultanate, Petrogas conducted comprehensive audits that covered every aspect of its business in the Muscat Head Office as well as field operations in Rima to pursue these certifications.

Dr. Mohammed Al Barwani, Chairman – MB Holding commended team Petrogas on this achievement. He said “We strive to be on par, if not better than the highest global standards in every facet of our operations. It helps us demonstrate our serious commitment towards the environment we operate in and the health and safety of our employees as well as the community at large. Congratulations to the management and team on this milestone.”

Some benefits of these certifications include awareness and protection of the environment, reduction of accidents and incidences, staying abreast of relevant legislations and reduce the likelihood of prosecution and fines, standardization of HSE management systems keeping in mind international procedures and rules.

Usama Al Barwani, CEO – Petrogas, said, “The ISO 14001:2004 & OHSAS 18001:2007 certifications are globally recognized symbols of our organization`s ongoing commitment to excellence, sustainability and reliability. Organizations of all kinds are increasingly concerned by achieving and demonstrating sound Environmental and Occupational Health and Safety performance to their shareholders, employees, clients and other stakeholders. This is possible by managing the hazards and improving the beneficial effects of their activities, products and services. We are delighted that Petrogas has received these certifications and this further reaffirms our commitment to stringent legislations and measures on these aspects.”

The Corporate QHSE Manager, Dr. Ghudayyer Al Waheibi, also added in his speech: “Petrogas as a certified company in all its operations continues to hold a competitive edge by upgrading its standards to the level of world class oil producers.”

Established in 1999, Petrogas E&P is the holding company for MB Group’s Exploration and Production (E&P) assets in Oman, Egypt and The Netherlands. Petrogas E&P subsidiaries are engaged in the full range of Oil & Gas activities from exploration through appraisal, development and production.


MB Group Introduces Sharifa Al HarthyHR Award of Excellence

Award Dedicated to The Group’s Vice Chairperson to Acknowledge Her Significant Contributions Petrogas E&P LLC HR Team Proud Winner of Sharifa Al Harthy HR Award of Excellence 2017

MB Holding Group has introduced Sharifa Al Harthy HR Award of Excellence;that is granted to winner of the newly launched HR Standards of Excellence scheme. TheStandardswill form a benchmark for HRFunctional Excellence within MB Group.Dedicating this Award to the Vice Chairpersonhas come in recognition ofher significantcontributions to HR profession and the business community in general. In addition, this award is an appreciation of her long served career as the Head of HR for MB Group, as well as her continuous support to HR fraternity within the Group and beyond.Badran Al Hinai, the Group HR Manager has stated “HR Standards of Excellence scheme will play a major role inpeople management in the business.We are immensely honored as a profession that Mrs. Sharifa Al Harthy has accepted to sponsor the HR Award of Excellence”.

This scheme will be used for various HR audits and benchmarksto support the goal of standardization and the 1-HR concept locally & globally. Moreover,the scheme encourages different stakeholders to adopt best HR practices and elevates the overall functional professionalism and excellence in the MB Group.

Each MB Group company HR has been evaluated against the MB HR Excellence standards. It is not a competition between companies, but a benchmark against the standards. First step in the process was to carry out self-assessment by HR departments, followed by business verification by business leaders.Final evaluation and verification weredone initially by the Internal Audit department with independent HR representation, followed by independent senior management panel.

The recognition ceremony was held on 18thof September during the HR Town hall meeting.Petrogas E&P LLC HR team was the best performing MB Group Company against the standards in 2017 followed by the runner up MBPS Well Services department and MBPS Production Services department in the third place. The proud winner, Petrogas E&P LLC HR team,received their trophy from Mrs.Sharifa Al Harthy in a ceremony attended by theGroup HR managers and professionals.


Petrogas of MB Group wins “Best Nationalization initiative in the private sector”

On the 31st of October, in Abu Dhabi, Petrogas E&P of MB Group was recognized by ‘GCC GOV HR Awards’ for its efforts in Human Resources & People performance. Petrogas won an award for ‘Best Nationalization initiative in the private sector`. The organization was selected from amongst some of the best & most prestigious companies operating in the GCC.

 The ‘GCC GOV Awards’ Aims to recognize, promote & reward professionalism and outstanding achievements of governments, business organizations, and people who have raised the bench mark of people performance across the region. The Petrogas HR team members are humbled and honored that their efforts have been recognized and are further motivated to continue to work toward people performance and development of young Omanis.

Yasser Al Mughairi, Chief Human Resources Officer stated, " winning an award in the category of Nationalization is a testament to His Majesty Sultan Qaboos bin Said Al Said, vision & personal dedication to empowering the Omani people. Today, Petrogas E&P and MB Group of companies have tirelessly worked towards His Majesty`s vision in employing, training and empowering the Omani work force.

Petrogas E&P was also nominated for “Innovation in employee engagements in the private sector." Although, there was high competition in this category, Petrogas E&P managed to be shortlisted by GCC GOV HR panel.

In Petrogas and MB Group companies, we believe in Omanization and the operational, economic and social value it brings. Our future plans embed stretched targets for empowering and developing Omanis, supporting ICV and fostering Oman’s economy.


“Petrogas spreads its wings to Europe - enters the Netherlands by acquiring Chevron’s oil & gas entities in the Netherlands.”

In 2014, Petrogas purchased all the outstanding sharesof Chevron Exploration and Production Netherlands B.V. (CEPN), including its subsidiary Chevron Transportation B.V. (CT). The Dutch assets A/B and P/Q are now held under Petrogas Exploration and Production Netherlands.

The purchase includes operating working interests in 11 blocks in the Dutch sector of the North Sea. This includes seven blocks, with working interests ranging from 23.5% to 34.1%, which make up the A/B Gas Project. Also included are working interests ranging from 46.7% to 80% in three blocks that contain other producing fields and a 100% working interest in the P2 exploration block.

PEPN currently employs 189 personnel including 127 employees and 62 regular contractors in offshore and onshore positions in the Netherlands.


PEPN owns and operates interests in the A and B Blocks (including the recently acquired A15 and B17 licences). In 2005, the company and its partners were granted production licenses enabling the development of the A/B shallow gas fields in the Dutch North Sea. A central processing platform and an export pipeline were installed in Block A12 in 2007. First gas was achieved in December 2007. Since then the B13 (unmanned) production platformhas been commissioned and brought online in December 2011.

 PEPN also operates and owns the P/Q Oil Area with existing production from five fields viz: Q1 Block (including the Helm, Helder, Hoorn and Haven fields), the P9 Horizon field (straddling P9a and P9c), the Halfweg field (straddling Q1 and Q2c) and the P02 exploration block.


                PEPN has been active in the Netherlands since the mid-1960s and producing Oil since 1982 (then operated by Unocal). First production from the Helm and Helder platforms in block Q1 took place that year. This was celebrated in 2012, marking a significant milestone as 30 years of offshore oil production. Currently there are 6 platforms in the P/Q fields operated by Petrogas.



 In 2014, total average daily production was in the tuneof 2,400 barrels of crude oil (net ~1950 bopd) and about 117 million cubic feet of natural gas (net ~40 mmscfd). The barrel oil equivalent daily production net to the company was in the tune of 8,800 boepd. 


“Petrogas acquires swedish company’s north sea assets ”

As part of it’s plan to grow its resource base in North West Europe, Petrogas has signed a Sales Purchase Agreement (SPA) with PA Resources AB to acquire some of its subsidiaries holding a number of exploration and potential developmental interests in Denmark, The Netherlands, UK and Germany. The transaction is subject to fulfillment of a number of conditions including regulatory approvals, and is expected to close during the first quarter of 2016.