(RTTNews) - TotalEnergies SE (TTE), a French integrated energy and petroleum company, on Monday announced that it has signed an agreement to merge its UK Upstream business with NEO NEXT Energy Ltd., creating an expanded entity to be renamed NEO NEXT+.
The merger agreement completion is expected in the first half of 2026.
Following completion, NEO NEXT+ will be jointly owned by TotalEnergies 47.5%, HitecVision with 28.875% and Repsol UK 23.625%
The merged platform is intended to maximize portfolio value, strengthen cash flow and support a long-term resilient oil and gas business in the UK.
The company said NEO NEXT+ will become the UK's largest independent oil and gas producer, with expected output exceeding 250,000 barrels of oil equivalent per day in 2026.
On Friday, TotalEnergies closed trading 2.94% lesser at $64.82 on the New York Stock Exchange.
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