TotalEnergies has become the latest player in the UK North Sea to merge its assets with a rival as high taxes, declining reserves and lower oil and gas prices trigger a wave of consolidation in the basin.
The French energy major said on Monday it would fold its North Sea oil and gas fields, which produce roughly a quarter of the UK’s gas, into Neo Next Energy to create the region’s largest independent producer by volume. The company will be renamed Neo Next+.
The deal comes nine months after Neo Next rolled up the North Sea assets of Spanish company Repsol and bought BP’s interests in the Culzean field, and John Knight, executive chair of the company that is backed by private equity group HitecVision, signalled more deals in the future.
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