The Investor
31 Mar 2026, 17:00
TotalEnergies announced the completion of the merger of its UK North Sea upstream assets with NEO NEXT, creating a new entity named NEO NEXT+.
Following the transaction, TotalEnergies holds a 47.5% stake in the combined company, which is expected to become the largest independent oil and gas producer on the UK Continental Shelf, with projected 2026 production exceeding 250,000 barrels of oil equivalent per day.
The merger is aimed at generating operational synergies, strengthening cash flow, and enhancing efficiency across the asset portfolio.
The move reflects TotalEnergies’ strategy to optimize its upstream portfolio while maintaining a strong presence in the UK energy market alongside its broader transition toward integrated and lower-carbon energy solutions.
Following the transaction, TotalEnergies holds a 47.5% stake in the combined company, which is expected to become the largest independent oil and gas producer on the UK Continental Shelf, with projected 2026 production exceeding 250,000 barrels of oil equivalent per day.
The merger is aimed at generating operational synergies, strengthening cash flow, and enhancing efficiency across the asset portfolio.
The move reflects TotalEnergies’ strategy to optimize its upstream portfolio while maintaining a strong presence in the UK energy market alongside its broader transition toward integrated and lower-carbon energy solutions.