TotalEnergies, Repsol, HitecVision forge NEO NEXT+ in UK North Sea

TotalEnergies agreed to fold its UK upstream oil and gas business into NEO NEXT Energy, the joint venture already backed by Repsol and HitecVision, forming a new entity to be named NEO NEXT+.

Under the deal, TotalEnergies will take a 47.5% share of the enlarged group, while HitecVision and Repsol will hold around 28.875% and 23.625%, respectively.

The newly-combined NEO NEXT+ is slated to become the largest independent oil and gas producer operating in the UK Continental Shelf, and is projected to produce more than 250,000 barrels of oil equivalent per day by 2026.