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StocksMedium•30 March 2026•

1 min read

TotalEnergies Completes UK North Sea Asset Merger to Form NEO NEXT+

Key Facts

1TotalEnergies completed the merger of its UK upstream oil and gas business with NEO NEXT to form a new entity called NEO NEXT+.

2TotalEnergies holds a 47.5% shareholding interest in the newly formed NEO NEXT+.

3NEO NEXT+ has become the largest independent oil and gas producer on the UK Continental Shelf, with expected production exceeding 250,000 boepd by 2026.

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TotalEnergies has finalized the merger of its UK upstream oil and gas business with NEO NEXT, establishing a new entity named NEO NEXT+. Under the terms of the agreement, TotalEnergies retains a significant 47.5% shareholding interest in the combined company. This strategic move positions NEO NEXT+ as the largest independent producer on the UK Continental Shelf, significantly enhancing its regional market presence. The new entity is projected to reach a production capacity exceeding 250,000 barrels of oil equivalent per day (boepd) by 2026. This consolidation aims to optimize operations and enhance efficiency within the mature energy landscape of the North Sea. The transaction reflects TotalEnergies' broader strategy to streamline its portfolio while maintaining exposure to high-value production assets.