TotalEnergies has completed the merger of its UK upstream business with NEO NEXT, creating a new company renamed NEO NEXT+, the French supermajor said in a statement.
TotalEnergies will hold a 47.5% stake in the newly merged company, which it said is now the largest independent oil and gas producer on the UK Continental Shelf (UKCS).
The Aberdeen-based NEO NEXT+ is expected to average more than 250,000 BOE/D of production in 2026.
“NEO NEXT+ intends to continue to play a leading role in ownership consolidation activity in the [UKCS] for many years to come. The enlarged NEO NEXT+ business also has an enhanced portfolio of potential near-term development opportunities,” John Knight, the executive chair of NEO NEXT+ and a senior partner at HitecVision, said in the announcement.
NEO NEXT+ owns a 100% interest in the Northern North Sea hub in the Alwyn Area, which includes the Alwyn North platforms, the Dunbar platform, and several subsea fields tied back to those installations.
The company also operates the Elgin field, located about 200 km east of Aberdeen, and the Culzean field, around 240 km east of Aberdeen, which includes three subsea reservoirs.
TotalEnergies said in its original statement on the transaction, first announced in December, that it will retain up to $2.3 billion in decommissioning liabilities related to its legacy assets, a move it said will boost the cash flow of the merged business.
“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,” Patrick Pouyanné, CEO of TotalEnergies, said in a statement.
TotalEnergies said it operated around 27% of UKCS gas production in 2025, with average daily equity production of 104,500 BOE/D.
NEO NEXT was formed in 2025 through the merger of Repsol’s UK assets and NEO Energy, and at the time reported an expected production profile of around 130,000 BOE/D.
“With the creation of NEO NEXT+ we are building a more competitive, more resilient North Sea operator with improved scale and a stronger operating footing. The combined portfolio is better balanced and positioned to face a volatile environment, creating long-term value for our shareholders,” Josu Jon Imaz, CEO of Repsol, said in the recent announcement.