TotalEnergies has signed an agreement with NEO NEXT Energy Limited (NEO NEXT) under which TotalEnergies will merge its Upstream business with NEO NEXT and become the leading shareholder in the expanded NEO NEXT, which will be renamed NEO NEXT+, with a 47.5% ownership.
After completion of the transaction, NEO NEXT+ will:
With TotalEnergies as its leading shareholder, NEO NEXT+ will become the largest independent oil and gas producer in the UK with a production over 250,000 barrels of oil equivalent per day in 2026, ideally positioned to maximize the value of its portfolio, deliver strong financial returns and ensure a long-term sustainable and resilient future for its oil & gas business.
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Completion of the transaction is subject to customary conditions, including regulatory approvals and is expected during the first half of 2026.
