TotalEnergies has announced 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.
'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', said Patrick Pouyanné, Chairman and CEO of TotalEnergies. 'As the new largest shareholder of NEO NEXT+, we are pleased to bring our extensive UK North Sea operational experience to the new company.'
Source: TotalEnergies
