The Spanish oil and gas company Repsol has announced the strategic merger of its UK North Sea operations with oil and gas producer NEO Energy. The merger will combine Repsol Resources UK and NEO’s business to create a new independent producer in the UK part of the North Sea, which will be renamed as NEO NEXT Energy Ltd, aiming to position it as one of the largest producers in the region. NEO NEXT will be jointly owned by NEO (55%) and Repsol UK (45%). The agreement is subject to approval from all the relevant authorities and regulatory consents and is expected to be closed in the third quarter of 2025.
Repsol UK holds interests in 48 oil and gas fields and is integrated into Repsol E&P Group, an international E&P company present in 13 countries and producing over 570 kb/d in 2024. NEO is a private upstream company wholly owned by NEO Energy Holdings Ltd (an investment vehicle managed by HitecVision, a leading investor in the European energy industry).
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