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According to Repsol, the merged entity is now called NEO NEXT and has established itself as one of the biggest producers on the UK continental shelf.
Repsol E&P Group holds a 45% stake in the joint venture, whereas NEO UK possesses 55%. The new organization is anticipated to generate approximately 130,000 barrels of oil equivalent each day by 2025.
Repsol offers operational skills in production, development, and decommissioning, which will be integrated with NEO Energy's financial and commercial knowledge, as stated by Francisco Gea, executive director of exploration and production at the Spanish firm. John Knight, executive president of NEO NEXT, stated: "We will definitely pursue acquisitions that will enhance the company's value."
Repsol declared a deal with NEO Energy in late March to merge exploration and production assets in the UK. The Spanish producer has been active in the UK North Sea for many years, operating in 48 different oil and gas fields.
source: reuters.com
Repsol E&P Group holds a 45% stake in the joint venture, whereas NEO UK possesses 55%. The new organization is anticipated to generate approximately 130,000 barrels of oil equivalent each day by 2025.
Repsol offers operational skills in production, development, and decommissioning, which will be integrated with NEO Energy's financial and commercial knowledge, as stated by Francisco Gea, executive director of exploration and production at the Spanish firm. John Knight, executive president of NEO NEXT, stated: "We will definitely pursue acquisitions that will enhance the company's value."
Repsol declared a deal with NEO Energy in late March to merge exploration and production assets in the UK. The Spanish producer has been active in the UK North Sea for many years, operating in 48 different oil and gas fields.
source: reuters.com
