NEO Energy CEO Harris steps down after less than two years in role
NEO Energy CEO, CTO and chairman step down
NEO last month said it will slow investment in all projects under development
Company awaits clarity on UK regulatory and fiscal framework
LONDON, Oct 15 (Reuters) -North Sea focused NEO Energy said on Tuesday its chief executive officer Paul Harris will step down from his role after less than two years in the position.
An industry veteran, Harris joined NEO in December 2019 as chief operating officer and was appointed CEO in January 2023.
Company insider Andy McIntosh has been appointed as the new CEO, NEO said in a statement. Additionally, chief technical officer Martin Rowe will also be leaving the organisation, with Craig McKenzie stepping in to take his place.
NEO's chairman Martin Bachmann and non-executive directors David Gair and Fiona Hill have also stepped down from their board positions.
The management shuffle comes after NEO said last month it would slow investment in all projects it has under development, blaming fiscal and regulatory uncertainty in the British oil and gas sector.
The Labour government said in late July it would increase the Energy Profits Levy (EPL) from 35% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, among the highest in the world. Its duration was also extended by a year to March 2030.
Spanish oil company Repsol REP.MC also called off a deal to merge its UK North Sea oil and gas business with NEO in August, according to three sources with knowledge of the negotiations.
NEO, which operates and holds interests in several assets in the UK North Sea, had earlier said that the tax increase and potential changes to the fiscal regime beyond March 2030 would have a negative impact on the overall viability on a project such as the Buchan Horst.
NEO, founded in 2019 with the backing of private equity fund HitecVision, added that Harris and Rowe will support the business until the end of the year to assist with transition.
Reporting by Arunima Kumar in London; Editing by Kirsten Donovan
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