TotalEnergies has completed the merger between NEO NEXT and the company's UK upstream oil and gas business. The merger, first announced in December, means that the combined company will be called NEO NEXT+. TotalEnergies will become the majority owner with 47.5 percent of the shares in the new company. The company announced this in a press release.
With the merger, NEO NEXT+ will become the largest independent oil and gas producer on the British Continental Shelf with an expected production in 2026 of more than 250,000 barrels of oil equivalent per day. The ownership group in the new company also consists of the Norwegian private equity fund HitecVision, which owns 28.9 percent, and the Spanish energy company Repsol, which owns 23.6 percent.
- The completion of this merger and the establishment of NEO NEXT+ is an important step in TotalEnergies' long-term commitment to the British oil and gas sector. While contributing to the country's energy supply, the size and asset portfolio of NEO NEXT+ will create synergies and strengthen the company's cash flow, says Patrick Pouyanné, CEO of TotalEnergies.
TotalEnergies has been present in the UK for more than 60 years and employs over 1,800 people. In 2025, the company accounted for around 27 percent of gas production on the British Continental Shelf with an average daily own production of 104,500 barrels of oil equivalent.
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