TotalEnergies, NEO NEXT complete merger of UK oil and gas assets

TotalEnergies and NEO NEXT Energy have completed the previously announced merger of their UK North Sea upstream oil and gas assets, resulting in the formation of NEO NEXT+. The deal was announced in December 2025. NEO NEXT Energy is a joint venture between Norwegian private equity firm HitecVision and Spanish energy company Repsol. The ownership of NEO NEXT+ is divided among TotalEnergies with 47.5%, HitecVision with 28.875%, and Repsol UK with 23.625%. NEO NEXT+ will comprise a substantial and varied ...