TotalEnergies, Neo Next merge UK upstream businesses to create largest producer 

TotalEnergies said Neo Next+ would become the largest independent oil and gas producer in the UK with a production of more than 250,000 barrels of oil equivalent per day in 2026.

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

“As the new largest shareholder of Neo Next+, we would bring along our recognised track record as a leading operator in the UK North Sea, where we have been present for more than 60 years.”

Completion of the transaction is subject to customary conditions, including regulatory approvals and is expected during H1 2026.

“TotalEnergies’ consistent focus on running low-cost and low-emissions operations will be instrumental in delivering material economies of scale within the new portfolio of Neo Next+, which will enhance the cash flow generation of the company as soon as it is closed,” said Mr Pouyanne.

Neo Next+ will also be involved in decommissioning projects covering multiple subsea installations and platforms in the central section of the North Sea.

This transaction follows the merger of Shell and Equinor’s upstream operations in the UK North Sea in Aberdeen-headquartered Adura, which was completed at the beginning of December 2025.