Spain's Repsol is reported to be in talks to merge its UK North Sea oil and gas business with private equity-backed NEO Energy, three industry sources said, according to a Reuters report. It would be the latest consolidation effort by companies that operate in the basin amid greater tax pressures.
A merger would create a company with output of more than 110,000 barrels of oil equivalent per day, making it one of the largest producers in the UK North Sea.
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Source: Reuters
