Total will take a 47.5% stake in the renamed NEO NEXT+ in exchange for its assets, the company said in a statement released on Monday. Repsol will own 23.625% of the company, while HitecVision will hold the remaining 28.875%.
NEO NEXT+ would be the largest oil and gas producer in the area with production of more than 250,000 barrels of oil equivalent per day in 2026, according to the statement.
The deal is expected to close in the first half of 2026, subject to customary conditions, according to the companies.
The alliance, which comes nine months after the merger between Repsol and NEO Energy, is the latest consolidation of companies operating in the basin after the British government imposed a windfall tax following the rise in energy prices in 2022.
(Information from Mireia Merino; editing by Inti Landauro; Spanish editing by Paula Villalba)
