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TotalEnergies Plans UK Upstream Combination With Neo Next Energy

MT Newswires·12/08/2025 04:02:47
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04:02 AM EST, 12/08/2025 (MT Newswires) -- TotalEnergies (TTE.PA, TTE.L) said Monday it plans to merge its upstream business with Neo Next Energy in the UK. The oil and gas giant will hold a 47.5% stake in the new expanded entity, which will be branded as Neo Next+. French energy company Repsol's (REP.MC) Repsol UK will hold a 23.625% stake, and HitecVision will own 28.875%. The deal is expected to be completed in the first half of 2026, subject to regulatory approvals.