TotalEnergies announces the completion of the merger between NEO NEXT and TotalEnergies’ UK Upstream Oil & Gas business. The combined group is renamed NEO NEXT+, and TotalEnergies holds a 47.5% shareholding interest in it.

Further to this transaction, NEO NEXT+ becomes the largest independent Oil and Gas producer on the UK Continental Shelf with an expected 2026 production of over 250,000 barrels of oil equivalent per day.

John Knight, Executive Chair of NEO NEXT+, and Senior Partner at HitecVision, commented: 
“We are delighted to welcome TotalEnergies and their UK oil & gas business to become part of NEO NEXT. The NEO NEXT+ strategy is “Resilience, Yield and Growth”, and we intend to play a leading role on the UK Continental Shelf (UKCS) for many years to come.” 

Patrick Pouyanné, CEO of TotalEnergies, commented: 
“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. As the new largest shareholder of NEO NEXT+, we are pleased to bring our extensive UK North Sea operational experience to the new company.” 

Josu Jon Imaz, CEO of Repsol, commented: 
“With the creation of NEO NEXT+ we are building a more competitive, more resilient North Sea operator with improved scale and a stronger operating footing. The combined portfolio is better balanced and positioned to face a volatile environment, creating long-term value for our shareholders.”

KeyFacts Energy: NEO NEXT+ UK country profile