Repsol, HitecVision to Merge JV With TotalEnergies' UK Upstream Business
By Nina Kienle
Repsol and HitecVision said they would merge their joint venture Neo Next Energy with TotalEnergies' U.K offshore oil and gas production business.
The Spanish energy company said Monday that under the terms of the transaction, TotalEnergies UK would acquire a 47.5% stake in Neo Next Energy.
As a result, Neo Next Energy will become jointly owned by the three companies, with HitecVision owning a 28.875% stake, TotalEnergies a 47.5% stake and Repsol a 23.625% stake, it said.
TotalEnergies' U.K assets will strengthen Neo Next Energy's balance sheet, as well as support its development activities, Repsol added.
TotalEnergies UK will retain up to $2.3 billion of the decommissioning liabilities related to its legacy assets, Repsol said. This will enhance the cash flows of the combined business, it added.
Further financial details weren't provided.
Completion of the transaction remains subject to approvals from the relevant authorities and is expected during the first half of 2026, Repsol said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
December 08, 2025 02:37 ET (07:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States