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The latest update is out from TotalEnergies SE ( (FR:TTE) ).
TotalEnergies has announced a merger of its UK Upstream business with NEO NEXT Energy Limited, creating NEO NEXT+, the largest independent oil and gas producer in the UK. TotalEnergies will hold a 47.5% share in the new entity, which is expected to produce over 250,000 barrels of oil equivalent per day by 2026. This strategic move aims to enhance energy supply in the UK, maximize portfolio value, and ensure a sustainable future for its oil and gas operations. The merger demonstrates TotalEnergies’ commitment to the UK energy sector, leveraging its experience in the North Sea to drive economies of scale and improve cash flow generation.
More about TotalEnergies SE
TotalEnergies is a global integrated energy company involved in the production and marketing of oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. With over 100,000 employees, the company operates in about 120 countries, focusing on providing sustainable and reliable energy solutions. In the UK, TotalEnergies is a leading oil and gas operator, with significant interests in renewable energy projects, including offshore wind and solar, and is a major supplier of gas and electricity.
For detailed information about TTE stock, go to TipRanks’ Stock Analysis page.