TotalEnergies completes UK upstream assets merger with NEO NEXT

TotalEnergies SE (NYSE: TTE) announced the completion of its merger with NEO NEXT, combining the French energy company's UK upstream oil and gas business with the independent producer. The merged entity, renamed NEO NEXT+, will operate with TotalEnergies holding a 47.5% shareholding interest.

The transaction creates what the companies describe as the largest independent oil and gas producer on the UK Continental Shelf. NEO NEXT+ expects to produce over 250,000 barrels of oil equivalent per day in 2026.

"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," 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."

TotalEnergies previously operated around 27% of the UK Continental Shelf's gas production in 2025, with average daily equity production of 104,500 barrels of oil equivalent per day. The company has maintained operations in the UK for more than 60 years and employs over 1,800 people across the energy value chain.

The merger represents TotalEnergies' strategy to maintain its presence in UK oil and gas operations while expanding its renewable energy portfolio in the country, which includes 1.1 GW of installed offshore wind capacity and 5 GW under development.

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