Strategic Partnership Unveiled

In a significant move within the petrochemical sector, Repsol S.A., the Spanish energy giant, has announced a groundbreaking partnership with NEO Energy Group. This collaboration will see the creation of Neo Next Energy, a new entity born from the merger of Repsol's UK operations and NEO Energy's North Sea division.

Joint Governance and Shareholding

The newly formed Neo Next Energy will operate under a unique joint governance model, with NEO Energy holding a 55% stake and Repsol owning the remaining 45%. This structure is designed to leverage the strengths and expertise of both parent companies, ensuring a robust and dynamic future for the venture.

Ambitious Production Targets

According to Francisco Gea, Repsol's Executive Managing Director for Exploration and Production, the alliance is set to achieve an impressive output of 130,000 barrels of oil equivalent per day by the end of this year. This ambitious target underscores the potential of Neo Next Energy to become a key player in the North Sea energy market.