French oil major TotalEnergies said on Monday it agreed to merge its oil assets in the British North Sea with NEO NEXT Energy, a partnership between Spain’s Repsol and HitecVision.
Total will take a 47.5% stake in the renamed NEO NEXT+ in exchange from its assets, the company said in a statement released on Monday. Repsol will own 23.625% in the venture, while HitecVision will hold the remaining 28.875%.
NEO NEXT+ would be the largest oil and gas producer in the area with a production of more than 250,000 barrels of oil equivalent a day in 2026, the statement said.
The deal is expected to be finalised during the first half of 2026, subject to customary conditions, the companies said.
The tie-up, which comes nine months after the merger between Repsol and NEO Energy, is the latest consolidation by companies that operate in the basin after the British government imposed a windfall tax in the wake of a 2022 surge in energy prices.
(Reporting by Mireia Merino)
