TotalEnergies completes UK North Sea merger with NEO NEXT
Key highlights
- Merger completed on March 30, 2026 between TotalEnergies' UK Upstream business and NEO NEXT, creating NEO NEXT+.
- TotalEnergies holds a 47.5% share in NEO NEXT+.
- NEO NEXT+ is expected to produce over 250,000 barrels of oil equivalent per day in 2026, becoming the largest independent producer on the UK Continental Shelf.
- In 2025 TotalEnergies' UK equity production averaged 104,500 boe/d and it operated about 27% of the UK Continental Shelf's gas production.
Transaction completion
On March 30, 2026 TotalEnergies completed the merger of its UK Upstream Oil & Gas business with NEO NEXT; the combined group is renamed NEO NEXT+.
Ownership
TotalEnergies holds a 47.5% shareholding in NEO NEXT+.
Scale and production outlook
NEO NEXT+ becomes the largest independent producer on the UK Continental Shelf with expected 2026 output above 250,000 barrels of oil equivalent per day.
Source: TotalEnergies