TotalEnergies merges UK upstream business with NEO NEXT Energy to form NEO NEXT+, combining assets like Alwyn North and Elgin/Franklin fields. Completion expected by 2026, creating a JV with TotalEnergies as major shareholder. NEO NEXT+ aims to be a major oil and gas producer in the UKCS, targeting 250,000 boepd production by 2026.

Deal follows NEO NEXT’s acquisitions and merger with Repsol UK. TotalEnergies brings operational expertise to NEO NEXT+, enhancing project management and gas production capabilities. NEO NEXT+ plans to lead in ownership consolidation in UKCS with a strong portfolio of development opportunities.

TotalEnergies and partners in Mozambique LNG project to increase equity to replace previous funding, comprising 10% of total external financing. Transaction signifies TotalEnergies’ commitment to UK oil and gas sector and energy security. NEO NEXT+ poised to benefit from synergies and economies of scale, boosting cash flow generation post-merger.

Read more at Yahoo Finance: TotalEnergies, NEO NEXT to merge UK upstream operations