TotalEnergies announced it has completed the merger of its UK North Sea upstream oil and gas assets with NEO NEXT, forming a new entity called NEO NEXT+. The company will hold a 47.5% ownership stake in the combined business.
The newly formed NEO NEXT+ is expected to become the largest independent oil and gas producer on the UK Continental Shelf, with projected production exceeding 250,000 barrels of oil equivalent per day in 2026.
The transaction reinforces TotalEnergies’ long-standing presence in the United Kingdom, where it has operated for more than six decades. The company currently employs over 1,800 people across the country and accounted for approximately 27% of the UK Continental Shelf’s gas production in 2025, with daily output of 104,500 barrels of oil equivalent.
Alongside its upstream operations, TotalEnergies continues to expand its integrated power strategy in the UK, combining renewable energy generation with flexible power assets. Its portfolio includes 1.1 GW of installed renewable capacity, notably the Seagreen offshore wind farm, and an additional 5 GW of projects under development across offshore wind and solar. The company also holds a 50% stake in a 1.3 GW combined cycle gas turbine facility operated with EPUKI.
Beyond production, TotalEnergies is a major supplier of gas and electricity to businesses and public sector organizations in the UK, while also offering electric vehicle charging solutions and distributing petroleum products such as lubricants, aviation fuel, and specialty fluids.
KEY QUOTE:
“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. As the new largest shareholder of NEO NEXT+, we are pleased to bring our extensive UK North Sea operational experience to the new company.”
Patrick Pouyanné, Chairman And CEO, TotalEnergies
