LONDON - Spain's Repsol is in talks to merge its UK North Sea oil and gas business with private equity-backed NEO Energy, three industry sources said, the latest consolidation effort by companies that operate in the basin amid greater tax pressures.
North Sea producers have merged and sought to diversify away from the region in recent years after the UK government imposed a windfall tax in the wake of the surge in energy prices in 2022. Repsol Resources UK has interests in 48 offshore fields, of which it operates 38, according to its website. Repsol last year ended years-long arbitration with China's Sinopec which saw the Spanish company acquire the remaining 49% of their North Sea joint venture, giving it full control of the assets.NEO Energy was founded in 2019 with the backing of private equity fund HitecVision and has since then made a series of deals in the North Sea, including acquisitions from TotalEnergies and Exxon Mobil.
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