Oil producers Tullo Oil and Capricorn Energy are planning to merge as energy prices soar. Through the merger, the two companies are said to have formed a group.

Under the merger plan of the companies’ board of directors, Tullo will acquire all of Capricorn’s issued and outstanding shares through a stock exchange. Upon completion of the merger, the merged company will find a new name, according to “GeVestr.de”.

Tullo Oil, an Anglo-Irish oil and gas production company, is engaged in the exploration and projection of gas and oil deposits. It also extracts and sells gas and oil from 68 oil and gas fields in 21 countries. Capricorn Energy is also involved in the exploration, development and exploitation of the oil and gas sector. With the merger, companies around the world want to grow.