Overview
- TotalEnergies will hold 47.5% of NEO NEXT+, with HitecVision at 28.875% and Repsol UK at 23.625% once the transaction closes.
- The combined company is projected to produce more than 250,000 barrels of oil equivalent per day in 2026, positioning it as the largest independent oil and gas producer in the UK.
- The enlarged portfolio spans key North Sea assets including the Elgin/Franklin complex, Mariner, Culzean, Shearwater, Penguins, Alwyn North and Dunbar fields.
- Completion is subject to customary closing conditions and regulatory clearances, with the parties expecting to close in the first half of 2026.
- TotalEnergies will retain up to $2.3 billion of decommissioning liabilities tied to legacy assets, and its CEO cast the move as a long-term commitment to UK energy security and low-cost, low-emissions operations.