Reported 12 months ago
Spain's Repsol is in discussions to merge its UK North Sea oil and gas business with private equity-backed NEO Energy, aiming to create one of the largest producers in the region with over 110,000 barrels of oil equivalent per day. The potential merger comes as part of industry consolidation efforts in response to increased tax pressures, with talks ongoing and a deal announcement anticipated in the coming weeks amidst the sector's uncertainty ahead of the UK's elections and potential tax changes by the Labour Party.
Source: YAHOO