UK North Sea M&A accelerates as TotalEnergies merges its UK upstream portfolio with NEO NEXT, creating NEO NEXT+. The combined business becomes the largest oil and gas producer in the UK. It gains a more gas weighted profile and longer production life through key HPHT hubs such as Elgin and Culzean. Additional fields across the Central and Northern North Sea deepen diversification and operational scale.

For NEO NEXT and partners, the transaction delivers operating synergies, stronger cash flow and efficient use of tax loss positions. TotalEnergies retains significant decommissioning liabilities, limiting additional ABEX for the JV. This keeps UK cash generation within the group and preserves flexibility for any longer term portfolio exit.

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