Repsol and NEO Energy finalize creation of NEO NEXT

The deal merges Repsol Resources UK and NEO Energy into one of the region’s largest producers of oil and gas.

Repsol and NEO Energy have officially completed the formation of their strategic joint venture, NEO NEXT, marking a major consolidation in the British oil and gas sector. The deal merges Repsol Resources UK and NEO Energy into one of the region’s largest producers of oil and gas, with a projected output of approximately 130,000 barrels of oil equivalent per day by 2025.

The newly formed company, NEO NEXT Energy Limited, is jointly owned by Repsol E&P Group (45%) and NEO UK (55%), reflecting both companies’ strategic contributions and alignment. The joint venture aims to capitalize on combined operational, financial, and commercial strengths to drive sustainable growth in the UK North Sea basin.

“Repsol contributes strong operational capabilities in production and development, while NEO Energy brings expertise in financial and commercial matters. We believe this joint venture has significant potential for profitable growth,” said Francisco Gea, General Manager of Exploration and Production at Repsol, emphasized the complementarity of the partnership.

John Knight, Executive Chairman of NEO NEXT, noted that the new company will pursue both organic and inorganic growth opportunities, including future acquisitions, with confidence in Repsol as a capable and trusted partner.