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According to Sinochem New Network, recently TotalEnergies completed the merger of its offshore assets in the North Sea with NEO NEXT, creating a new entity named NEO NEXT+. This entity will become the largest independent oil and gas producer on the British continental shelf. Under the terms of the deal, TotalEnergies will hold 47.5% of the shares in the combined company. NEO NEXT+ is expected to have a production volume of over 250,000 oil equivalents per day by 2026. This merger brings together a broad portfolio of production assets and infrastructure, enabling the new company to optimize its operations, improve efficiency, and enhance its long-term cash flow generation capabilities on the UK continental shelf. Pierre Camus, Chairman and CEO of TotalEnergies, said: “The completion of this merger and the establishment of NEO NEXT+ represent an important step in TotalEnergies’ commitment to the UK’s oil and gas industry over the long term.” While contributing to the UK’s energy supply, the scale and portfolio of NEO NEXT+ will foster synergies and enhance the company’s cash flow. As the largest new shareholder of NEO NEXT+, we are pleased to bring the company’s extensive operational experience in the North Sea of the UK to this new enterprise. ” This merger reflects a broader trend of consolidation in the North Sea region, as operators seek to expand their portfolio size, reduce costs, and maximize the recovery rate of their mature assets. By integrating complementary operational and technical capabilities, NEO NEXT+ is poised to play a key role in enhancing capital efficiency while maintaining offshore production in the UK.