NEO NEXT joins upper tier of UK North Sea producers

NEO Energy and Repsol Resources UK have merged to form NEO NEXT Energy.

This will be one of the largest offshore oil and gas producers on the UK Continental Shelf (UKCS), with projected output this year averaging 130,000 bbl/d of oil.

John Knight, executive chair of NEO NEXT, said the combination would provide “much more scale and diversity and opportunities for cost consolidation and portfolio high-grading, giving resilience despite the tough conditions in the UK...We will certainly look to be making more value accretive acquisitions.”

The joint venture is owned 55% by NEO UK and 45% by Repsol E&P Group. It operates or is a partner in various long-established and emerging production hubs in the UK central North Sea.