TotalEnergies merges UK upstream assets with NEO NEXT to form leading independent

LONDON, December 8, 2025 – TotalEnergies has merged its UK Upstream business with NEO NEXT, creating the largest independent oil and gas producer in the UK, the French company said on Monday.

The newly formed entity, NEO NEXT+, will be 47.5% owned by TotalEnergies, with the remaining stakes held by HitecVision and Repsol UK. The venture combines TotalEnergies’ and NEO Energy’s stakes in the Elgin/Franklin complex and other key North Sea assets including Penguins, Mariner, Shearwater, Alwyn North, Dunbar and Culzean.

Production is expected to exceed 250,000 boepd in 2026. The merger is subject to regulatory approvals and is expected to complete in the first half of 2026.

“This transaction demonstrates the long-lasting commitment of TotalEnergies towards the UK oil and gas sector and its energy security,” TotalEnergies chairman and CEO Patrick Pouyanné said.

TotalEnergies has been active in the UK for more than 60 years. It is a major oil and gas operator in the country, responsible for around 27% of the UK Continental Shelf’s gas production. The company is also expanding in renewable power, with 1.1 GW of installed offshore wind capacity and 4.5 GW under development.