TotalEnergies to Merge UK Upstream Business With Neo Next

MT Newswires Live12-08

TotalEnergies (TTE) said Monday it has agreed to merge its UK upstream business with Neo Next Energy, becoming the largest shareholder in the new entity, which will be renamed Neo Next+.

TotalEnergies said it will hold a roughly 48% stake in Neo Next+, with HitecVision accounting for 29% and Repsol UK holding 24%.

The expanded company will include a diverse portfolio of UK assets, such as the Elgin/Franklin complex, Penguins, Mariner, Shearwater, Culzean, Alwyn North, and Dunbar fields.

The transaction is expected to close in H1 2026, TotalEnergies said.

Neo Next+ is expected to produce more than 250,000 barrels of oil equivalent per day by 2026, the company said.

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