TotalEnergies has announced the signing of an agreement to merge its UK upstream operations with NEO NEXT Energy Limited. This deal will make the French group the principal shareholder of the newly expanded entity, which will be renamed NEO NEXT+.
Upon completion of the transaction--which remains subject to standard conditions, including regulatory approval, and is expected to close in the first half of 2026--NEO NEXT+ will be jointly owned by TotalEnergies (47.5%), HitecVision (28.875%), and Repsol UK (23.625%).
The new entity will consolidate the interests of NEO Energy, Repsol UK, and TotalEnergies in the Elgin/Franklin complex, as well as their respective stakes in the Penguins, Mariner, Shearwater, Culzean, Alwyn North, and Dunbar fields.
With TotalEnergies as the principal shareholder, NEO NEXT+ will become the largest independent oil and gas producer in the United Kingdom, with production expected to exceed 250,000 barrels of oil equivalent per day in 2026.
"The company will be ideally positioned to maximize the value of its portfolio, generate high profitability, and ensure a sustainable and resilient long-term future for its oil and gas operations," the group added.
