History written as CCS technology starts operating...
2 hours ago
The merger between TotalEnergies’ UK North Sea upstream oil & gas business and NEO NEXT has been completed, resulting in what the French energy giant says is the largest independent oil & gas producer in the UK.
To remind, the partners signed an agreement in December 2025 under which TotalEnergies would merge its upstream business with NEO NEXT and become the leading shareholder in the combined group, to be renamed NEO NEXT+, with a 47.5% shareholding.
With the transaction completion, NEO NEXT+ is jointly owned by TotalEnergies, HitecVision (28.875%) and Repsol UK (23.625%). The firm’s asset portfolio includes NEO Energy and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater and Culzean fields, enriched by TotalEnergies’ UK upstream assets, notably including its interests in the Elgin/Franklin complex and the Alwyn North, Dunbar and Culzean fields.
Further to this transaction, NEO NEXT+ becomes the largest independent oil & gas producer on the UK Continental Shelf (UKCS) with a production of over 250,000 barrels of oil equivalent per day in 2026.
“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. “As the new largest shareholder of NEO NEXT+, we are pleased to bring our extensive UK North Sea operational experience to the new company.”
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