UK: TotalEnergies Merges Its Upstream Business with NEO NEXT, Creating the Largest Independent Oil and Gas Producer in the UK

Core Points - TotalEnergies has signed an agreement to merge its Upstream business with NEO NEXT Energy Limited, resulting in the formation of NEO NEXT+, where TotalEnergies will hold a 47.5% stake [1][9] - NEO NEXT+ is projected to become the largest independent oil and gas producer in the UK, with a production capacity exceeding 250,000 barrels of oil equivalent per day by 2026 [1][9] - The transaction reflects TotalEnergies' long-term commitment to the UK oil and gas sector and aims to enhance energy security [2] Company Overview - TotalEnergies has been operating in the UK for over 60 years, employing more than 1,800 people and managing approximately 27% of the UK Continental Shelf's gas production, with an average daily equity production of 121,000 barrels of oil equivalent per day expected in 2024 [4] - The company is also a significant player in the UK's energy market, providing gas and electricity to businesses and the public sector, along with electric vehicle charging solutions and various petroleum products [6] - TotalEnergies is actively pursuing an Integrated Power strategy in the UK, which includes a renewable portfolio with 1.1 GW of gross installed capacity and 4.5 GW under development in offshore wind and solar projects [5]