Repsol and HitecVision's joint venture NEO NEXT Energy agreed to merge with TotalEnergies' U.K. upstream oil and gas business, forming a new company called NEO NEXT+.
After completion, TotalEnergies will hold 47.5%, HitecVision 28.875%, and Repsol 23.625% of the combined entity, which is expected to become the largest independent oil and gas producer in the UK North Sea with production of more than 250,000 barrels of oil equivalent per day by 2026.
The deal is expected to close in the first half of 2026, subject to regulatory approvals.