The European Commission approved the joint control of Neo Next Energy Limited by TotalEnergies SE, Repsol S.A., and HitecVision A.S. on February 23 2026, clearing the final regulatory hurdle for the transaction that will combine the parties’ upstream oil‑and‑gas assets in the UK Continental Shelf.
Neo Next Energy, formerly known as Neo Next JV, is an upstream oil‑and‑gas company that operates in the UK Continental Shelf. The consortium’s acquisition is not a renewable‑energy deal; instead it consolidates the UK upstream operations of TotalEnergies, Repsol, and HitecVision into a single entity, NEO NEXT+.
The strategic goal of the transaction is to create the largest independent oil‑and‑gas producer in the UK. By merging TotalEnergies’ UK upstream business with Neo Next’s assets, the consortium expects to generate synergies, strengthen cash‑flow generation, and expand production capacity beyond 250,000 barrels of oil equivalent per day in 2026.
The deal fits into TotalEnergies’ “hybrid” strategy, which balances continued investment in fossil fuels with a growing renewable‑energy portfolio. While the consortium is expanding its oil‑and‑gas footprint, TotalEnergies also plans to triple its renewable‑capacity by 2030, so the transaction reinforces the fossil‑fuel component of that strategy.
Ownership of the new entity will be split 47.5% for TotalEnergies, 28.875% for HitecVision, and 23.625% for Repsol UK. The transaction is expected to close in the first half of 2026, after the European Commission’s approval and the completion of customary due‑diligence and shareholder approvals.
The approval signals a consolidation trend in the UK upstream market and positions the consortium to capture a larger share of the region’s production. The combined entity will benefit from scale, shared operating platforms, and a diversified asset base, potentially improving resilience to market volatility and supporting the parties’ long‑term growth objectives.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.