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TotalEnergies announced recently that it has signed an agreement with NEO NEXT to merge their oil and gas operations in the North Sea, creating a new joint venture named NEO NEXT+. If approved by the relevant authorities, the merger will be completed in the first half of 2026, at which point NEO NEXT+ will become the largest independent oil and gas company on the UK continental shelf, with production amountsing to 250,000 barrels per day. NEO NEXT, formerly known as NEO Energy, is an oil and gas company wholly owned by the European private equity firm HitecVision. It operates primarily in the waters of the British continental shelf and is one of the largest independent oil and gas companies in the North Sea region. In March 2025, the company announced that it would merge with Repsol’s North Sea subsidiary to form a joint venture named NEO NEXT; Repsol would hold 45% of shares in the new company, while HitecVision would hold 55%. If the merger with TotalEnergies is finalized, the share structure of the new company will be adjusted again, with TotalEnergies holding 47.5% of the shares, Repsol holding 23.625%, and HitecVision holding approximately 28.875%. Following the merger, TotalEnergies will assume the responsibilities related to the decommissioning of its North Sea assets, in order to ensure smooth cash flows for the new company; the value involved is approximately $2.3 billion. (Lu Xuemei)