TotalEnergies has agreed to merge its UK offshore oil and gas assets with Neo Next Energy, creating a new Aberdeen-based company, Neo Next+, where TotalEnergies will be the largest shareholder with a 47.5% interest.
The remaining equity in Neo Next+ will be held by HitecVision with 28.9% and Repsol UK with 23.6%, bringing their portfolios into the same structure as part of the transaction.
According to TotalEnergies, the new company is expected to become the largest independent producer of oil and gas in the UK, with output of more than 250,000 barrels of oil equivalent per day in 2026.
As part of the merger, TotalEnergies is contributing its UK upstream positions, including interests in the Elgin/Franklin complex, the Alwyn North double platform and the Dunbar and Culzean fields.
Neo Next+, headquartered in Aberdeen, will also hold the interests of Neo Energy and Repsol UK in the Elgin/Franklin platforms, together with their stakes in the Penguins, Mariner, Shearwater and Culzean fields. The enlarged portfolio will also include decommissioning work on subsea infrastructure and platforms in the central North Sea.
TotalEnergies chairman and chief executive Patrick Pouyanne said the deal reflects the company’s long-term commitment to the UK oil and gas sector and to the country’s energy security. He added that, as the new leading shareholder in Neo Next+, TotalEnergies will draw on more than 60 years of operating experience in the UK North Sea.
Pouyanne also pointed to TotalEnergies’ focus on low-cost and low-emissions operations, saying this approach is expected to help deliver economies of scale across the Neo Next+ portfolio and support stronger cash generation once the transaction is completed.
The deal remains subject to regulatory and other customary approvals, and the parties expect it to close in H1 2026.
This merger follows the earlier combination of Shell and Equinor’s UK North Sea upstream activities into Adura, an Aberdeen-based company whose transaction closed at the beginning of December 2025.
