TotalEnergies is merging its UK Upstream business with NEO NEXT, forming NEO NEXT+ and establishing it as the largest independent oil and gas producer in the UK with a 47.5% stake.

Target Overview

In a significant move, TotalEnergies has entered into an agreement to merge its UK Upstream business with NEO NEXT Energy Limited (NEO NEXT). This merger will create NEO NEXT+, the largest independent oil and gas producer in the UK, with TotalEnergies holding a 47.5% ownership stake. The newly formed entity will possess an extensive and diverse asset portfolio that includes interests in prominent fields such as the Elgin/Franklin complex, Penguins, Mariner, Shearwater, and the Culzean fields, as well as TotalEnergies' existing upstream assets.

The merged entity is projected to produce over 250,000 barrels of oil equivalent per day by 2026, which positions NEO NEXT+ to maximize the value of its asset portfolio, achieve strong financial returns, and ensure a sustainable future in the oil and gas sector.

Industry Overview in the UK

The UK oil and gas industry has been a significant contributor to the country's economy for several decades. It comprises various segments, including exploration, production, refining, and distribution. As of recent estimates, the