TotalEnergies has completed the merger of its U.K. upstream oil and gas business with NEO NEXT, creating a new company named NEO NEXT+ and taking a 47.5% stake in the combined entity.
The deal establishes NEO NEXT+ as the largest independent oil and gas producer on the U.K. Continental Shelf, with expected output of more than 250,000 barrels of oil equivalent per day in 2026.
The transaction combines TotalEnergies’ U.K. assets with those of NEO NEXT, a joint venture backed by HitecVision and Repsol, strengthening the group’s production base and operational capabilities.
Under the ownership structure, NEO NEXT+ is held by TotalEnergies (47.5%), HitecVision (28.875%) and Repsol (23.625%), according to previously disclosed terms.
“The completion of this merger and the creation of NEO NEXT+ marks an important step in TotalEnergies’ long-term commitment to the UK Oil and Gas sector. While contributing to the country’s energy supply, the size and asset portfolio of NEO NEXT+ will foster synergies and enhance the cash flow generation of the company,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
The merger builds on earlier consolidation moves involving NEO NEXT, including the combination of assets from Repsol and other acquisitions, aimed at creating a larger, more resilient operator in the mature UK North Sea basin.
The enlarged company is expected to benefit from operational synergies, an expanded asset base and improved cash flow generation, supporting ongoing development and production activities in the region.