TotalEnergies Created the Largest Independent Hydrocarbon Producer in the United Kingdom
The French company TotalEnergies has completed the merger of its upstream business in the United Kingdom with NEO NEXT and created the combined group NEO NEXT+.
This was reported by the company’s press service.
The combination of upstream assets of TotalEnergies and NEO NEXT Energy Ltd in the North Sea is aimed at creating the largest independent oil and gas producer on the UK continental shelf. According to forecasts, already in 2026, NEO NEXT+ production will exceed 250 thousand barrels of oil equivalent per day.
“The completion of the merger and the creation of NEO NEXT+ marks an important step in the implementation of TotalEnergies’ long-term plans in the UK oil and gas sector. NEO NEXT+ will contribute to the country’s energy supply, and its scale and asset portfolio will provide synergies and increase the company’s cash flow,” said TotalEnergies CEO P. Pouyanné.
NEO NEXT+ combines a large portfolio of production assets:
- stakes of NEO Energy and Repsol UK:
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in the Elgin–Franklin complex;
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at the Penguins, Mariner, Shearwater, and Culzean fields;
- TotalEnergies upstream stakes:
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in the Elgin–Franklin complex;
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at the Alwyn North, Dunbar, and Culzean fields.
Shareholding Structure
The value of the deal has not been disclosed. The ownership structure of the new group is as follows:
- TotalEnergies — 47.5%;
- HitecVision — 28.875%;
- Repsol UK — 23.625%.
In July 2025, Repsol Resources UK, a subsidiary of the Spanish company Repsol, completed its merger with NEO Energy, an independent operator in the United Kingdom. Following the deal, the combined company was renamed NEO NEXT. Ownership in the new company was split between Repsol (45%) and NEO UK (55%).
Competition with Adura for Leadership
It is recalled that TotalEnergies signed an agreement with NEO NEXT Energy Ltd to combine upstream assets in the United Kingdom in December 2025.
A week earlier, the UK subsidiaries of Shell and Equinor announced the creation of a joint venture — Adura. It was expected that the JV’s production in 2026 would exceed 140 thousand barrels of oil equivalent per day, making it the largest oil and gas producer in the North Sea.
Following TotalEnergies’ announcement, potential leadership in production in the UK sector shifted to NEO NEXT+.
TotalEnergies Business in the United Kingdom
The company is one of the leading oil and gas operators in the country. In 2025, it accounted for about 27% of natural gas production on the UK continental shelf, while average daily production amounted to 104.5 thousand barrels of oil equivalent per day. The renewable energy portfolio in the country includes:
the Seagreen offshore wind farm with a capacity of 1.1 GW;
projects under development with a capacity of 5 GW.
As the company уточняет, TotalEnergies holds a 50% stake in a company manufacturing a 1.3 GW combined-cycle gas turbine (CCGT).
