TotalEnergies to merge U.K. upstream business with NEO NEXT

TotalEnergies (TTE) has signed an agreement to merge its U.K. upstream business with NEO NEXT Energy.

With a 47.5% ownership, TotalEnergies will become the leading shareholder in NEO NEXT, which will be renamed NEO NEXT+. HitecVision and Repsol UK will own 28.875% and 23.625% interests in the group, respectively.

Completion of the transaction is subject to customary conditions, including regulatory approvals, and is expected during the first half of 2026.

The deal will position NEO NEXT+ as the largest independent oil and gas producer in the U.K., with a production of over 250,000 barrels of oil equivalent per day in 2026.

NEO NEXT+ will encompass a large asset portfolio, including notably NEO Energy’s and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater and Culzean fields, enriched by TotalEnergies’ U.K. upstream assets, notably including its interests in the Elgin/Franklin complex and the Alwyn North, Dunbar and Culzean fields.

Source: Press Release