TotalEnergies has agreed with NEO NEXT to merge its upstream business to create NEO NEXT+, the largest independent oil and gas producer in the United Kingdom (TotalEnergies press release, 08/12/2025). TotalEnergies will become the leading shareholder on the new company, with a 47.5% ownership, partnering with HitecVision (28.875%) and Repsol UK (23.625%). The new company is expected to have a production of over 250 kboe/day in 2026, and it would encompass a large asset portfolio including NEO Energy’s and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater and Culzean fields. The transaction is subject to customary conditions and regulatory approvals, and it is expected to close in the first half of 2026.