Repsol announced a reinforcement of its position in the United Kingdom by restructuring the Neo Next Energy joint venture, created with HitecVision, which is now called Neo Next+ after the integration of oil and gas operations in the British North Sea with TotalEnergies assets.
The operation creates a larger operator and producer, with combined production expected to exceed 250,000 barrels of oil equivalent per day by 2026.
Under the terms of the agreement, TotalEnergies UK will hold 47.5% of the capital, HitecVision will hold 28.875% and Repsol will hold 23.625%.
In the market, the operation was accompanied by an analysis review. Alantra Equities maintained its neutral recommendation, but increased the target price from 17.20 to 18.50 euros, which implies a potential increase of around 13% compared to the current price of 16.40 euros.
Repsol’s shares have accumulated an appreciation of close to 38% in the year, supported by the group’s commitment to the energy transition and improving operational efficiency.
Analysts emphasize that, despite the room for growth reflected in the revised target price, the need for prudence remains given the sector’s volatility and global competition.