The European Commission gave the green light to the alliance between Repsol and HitecVision with TotalEnergies to merge the oil and gas exploration and production businesses offshore in the United Kingdom, the institution said this Monday, 23rd.
The community executive’s competition services concluded that the transaction “does not raise competition concerns, given the limited market position of the companies” involved in the agreement, which will create a leading operator in this sector with expected production in 2026 exceeding 250,000 barrels of oil per day.
In a statement issued in December, Repsol detailed that the operation will be carried out through the company NEO NEXT, currently in the hands of Repsol and HitecVision, which will change its name to NEO NEXT+ to enter TotalEnergies, which will acquire 47.5% of the new company.
Once the transaction is completed, HitecVision will hold 28.88% of NEO NEXT+ and Repsol, 23.63%.
The European Commission assessed the transaction following the simplified M&A control procedure.
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