TotalEnergies (TTE) has signed an agreement with Neo Next Energy under which TotalEnergies will merge its upstream business with Neo Next and become the leading shareholder in the expanded Neo Next, which will be renamed Neo Next+, with a 47.5% ownership. After completion of the transaction, Neo Next+ will: be jointly owned by TotalEnergies, HitecVision and Repsol UK and encompass Neo Energy’s and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater and Culzean fields. Completion of the transaction is subject to customary conditions, including regulatory approvals and is expected during the first half of 2026.
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