TotalEnergies has finalized a strategic agreement to merge its upstream business in the United Kingdom with NEO NEXT Energy Limited. The result is NEO NEXT+, which is projected to be the largest independent producer of oil and gas in the world. oil and gas independent oil and gas producer in the country.
Key assets for gas production UK
The transaction contemplates a shareholding structure in which TotalEnergies retains a 47.5% stake, followed by HitecVision with 28.875% and Repsol UK with 23.625%.. This new structure will enable optimized resource management and consolidate a large portfolio of offshore assets on the UK Continental Shelf. UK Continental Shelf.
The integrated assets include interests in flagship fields such as Elgin/Franklin, Penguins, Mariner, Shearwater, Culzean, Alwyn North and Dunbar. This integration seeks to generate operational synergies, reduce costs and maximize economic performance in a challenging environment for the industry.
Production projections and regional commitment
NEO NEXT+ is projected to reach production of more than 250,000 barrels of oil equivalent per day by 2026, positioning it to be a key player in the energy security of the United Kingdom.. In addition, the focus on low-cost, low-emission operations represents a significant competitive advantage over other companies in the sector.
Patrick Pouyanné, president and CEO of TotalEnergies, stressed that this partnership reflects the company’s continued commitment to the North Sea region. North Sea regionwhere it has been operating for more than six decades.
The transaction is subject to regulatory approvals and is expected to close during the first half of 2026.
Source: TotalEnergies
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