TotalEnergies and NEO NEXT Merge to Form UK's Largest Independent Oil and Gas Producer
- TotalEnergies merges its UK Upstream business with NEO NEXT, forming NEO NEXT+.
- TotalEnergies will own 47.5% of NEO NEXT+.
- NEO NEXT+ will produce over 250,000 barrels of oil equivalent per day by 2026.
- Transaction completion expected in the first half of 2026.
Merger Overview
TotalEnergies is merging its UK Upstream business with NEO NEXT, creating NEO NEXT+, the largest independent oil and gas producer in the UK. TotalEnergies will hold a 47.5% stake in the new entity.
Ownership and Assets
NEO NEXT+ will be jointly owned by TotalEnergies (47.5%), HitecVision (28.875%), and Repsol UK (23.625%). The company will have a diverse asset portfolio, including interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater, and Culzean fields.
Production and Financial Goals
NEO NEXT+ aims to produce over 250,000 barrels of oil equivalent per day by 2026. The merger is expected to enhance synergies and cash flow, maximizing the value of its portfolio and delivering strong financial returns.
Transaction Timeline
The completion of the transaction is subject to customary conditions, including regulatory approvals, and is anticipated in the first half of 2026.
Source: TotalEnergies