UK: TotalEnergies Completes the Merger of its UK North Sea Upstream Assets with NEO NEXT

Core Viewpoint - TotalEnergies has completed the merger of its UK North Sea upstream assets with NEO NEXT, resulting in the formation of a new entity named NEO NEXT+, in which TotalEnergies holds a 47.5% stake [1][8]. Company Overview - NEO NEXT+ is now the largest independent oil and gas producer on the UK Continental Shelf, with an expected production of over 250,000 barrels of oil equivalent per day in 2026 [2][9]. - TotalEnergies has been active in the UK for over 60 years, employing more than 1,800 people and operating approximately 27% of the UK Continental Shelf's gas production in 2025, with an average daily equity production of 104,500 barrels of oil equivalent per day [3][4]. Strategic Implications - The merger is seen as a significant step in TotalEnergies' long-term commitment to the UK oil and gas sector, enhancing cash flow generation and fostering synergies through the combined asset portfolio of NEO NEXT+ [3][9]. - TotalEnergies is implementing its Integrated Power strategy in the UK, which includes a renewable portfolio of 1.1 GW of gross installed capacity and 5 GW under development in offshore wind and solar projects [3][4].