March 27, 2025 [Reuters]- Spanish oil company Repsol and private equity-backed NEO Energy have agreed to merge their UK North Sea oil and gas businesses to create a joint venture with output of around 130,000 barrels of oil equivalent per day this year.

The new company, called NEO NEXT, will be 45%-owned by Repsol and 55%-owned by NEO Energy. It is aiming for financial benefits from the merger of more than $1 billion, improving cash generation and shareholder returns, Repsol said on Thursday.

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