TotalEnergies to merge the UK Upstream business in NEO NEXT Energy.

TotalEnergies, a global integrated energy company, agreed to merge the UK Upstream business in NEO NEXT Energy, an offshore oil and gas company. Financial terms were not disclosed. “This transaction demonstrates the long-lasting commitment of TotalEnergies towards the UK oil and gas sector and its energy security. As the new largest shareholder of NEO NEXT+, we are excited to bring along our recognized track record as a leading operator in the UK North Sea, where we have been present for more than 60 years. TotalEnergies’ consistent focus on running low-cost and low-emissions operations will be instrumental in delivering material economies of scale within the new portfolio of NEO NEXT+, that will enhance the cash flow generation of the Company as soon as it is closed,” Patrick Pouyanné, TotalEnergies Chairman and CEO.