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.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.