TotalEnergies, NEO NEXT complete merger of UK oil and gas assets

TotalEnergies and NEO NEXT Energy person completed the antecedently announced merger of their UK North Sea upstream lipid and state assets, resulting successful the enactment of NEO NEXT+.

The woody was announced successful December 2025.

NEO NEXT Energy is simply a associated task betwixt Norwegian backstage equity steadfast HitecVision and Spanish vigor institution Repsol.

The ownership of NEO NEXT+ is divided among TotalEnergies with 47.5%, HitecVision with 28.875%, and Repsol UK with 23.625%.

NEO NEXT+ volition comprise a important and varied postulation of assets, incorporating NEO Energy’s and Repsol UK’s stakes successful fields specified arsenic Elgin/Franklin, Penguins, Mariner, Shearwater, and Culzean.

This portfolio volition beryllium further enhanced by TotalEnergies’ UK upstream holdings, which notably see stakes successful the Elgin/Franklin analyzable arsenic good arsenic the Alwyn North, Dunbar, and Culzean fields.

With this transaction, NEO NEXT+ is expected to beryllium the largest autarkic lipid and state shaper connected the UK Continental Shelf (UKCS). It is anticipated to nutrient implicit 250,000 barrels of lipid equivalent per time successful 2026.

The integration of TotalEnergies UK's operational assets is acceptable to heighten NEO NEXT's fiscal stableness and operational capacity, supporting its ongoing improvement initiatives successful the UK.

TotalEnergies UK assumes a important information of the decommissioning liabilities related to its erstwhile assets, amounting to up to $2.3bn. This determination is expected to amended currency travel wrong the merged business.

TotalEnergies president and CEO Patrick Pouyanné said: “The completion of this merger and the instauration of NEO NEXT+ marks an important measurement successful TotalEnergies’ long‑term committedness to the UK Oil and Gas sector.

“While contributing to the country’s vigor supply, the size and plus portfolio of NEO NEXT+ volition foster synergies and heighten the currency travel procreation of the company. As the caller largest shareholder of NEO NEXT+, we are pleased to bring our extended UK North Sea operational acquisition to the caller company.”

Prior to this, TotalEnergies decided to redirect astir $1bn from its offshore upwind initiatives successful the US towards lipid and earthy state projects successful the country. This determination comes aft reaching an statement with the US Department of the Interior (DoI), permitting TotalEnergies to relinquish its erstwhile offshore upwind leases successful favour of concentrating connected much economical earthy state ventures.

"TotalEnergies, NEO NEXT implicit merger of UK lipid and state assets " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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