NEO NEXT+

Name

NEO NEXT+

Legal name

NEO NEXT+ Energy Limited

Website

https://neonextplus.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Crude Petroleum Extraction (211120), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Upstream oil production
• Natural gas extraction
• Offshore platform operations
• Subsea field development
• Oil and gas exploration

Headquarters

HQ city

Aberdeen

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Technology or R&D

Revenue model

1. Upstream Oil and Gas Production: Revenue generated from the production and sale of oil and gas extracted from the UK North Sea. The merged entity produces over 250,000 barrels of oil equivalent per day, making it the largest independent producer on the UK Continental Shelf. Production includes interests in Elgin/Franklin complex, Culzean, Alwyn Area, and various other North Sea fields.
2. Gas Processing and Transportation: Revenue from processing and transporting gas through company infrastructure including the SEAL pipeline system from Elgin Franklin to Bacton Gas Terminal, and CATS pipeline from Culzean to Teesside.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

NEO NEXT+ Energy Limited is a UK Continental Shelf upstream oil and gas producer that extracts, processes, and sells hydrocarbons from mature North Sea fields. The merged entity operates offshore platforms (Elgin/Franklin, Culzean, Alwyn/Dunbar), pipeline infrastructure (SEAL, CATS), and provides decommissioning services, with projected 2026 production exceeding 250,000 barrels of oil equivalent per day.

Product overview

NEO NEXT+ Energy Limited operates as a consolidated upstream oil and gas producer formed through multiple strategic mergers, including the combination of NEO Energy, Repsol Resources UK, and TotalEnergies' UK upstream assets. As the largest independent oil and gas producer on the UK Continental Shelf with projected 2026 production exceeding 250,000 barrels of oil equivalent per day, the company manages a diversified portfolio comprising offshore platforms (Elgin/Franklin complex, Culzean, Alwyn/Dunbar), pipeline infrastructure (SEAL system), and decommissioning operations. The company is jointly owned by TotalEnergies (47.5%), HitecVision (28.875%), and Repsol UK (23.625%). Additionally, NEO NEXT+ is developing the Culzean Floating Wind Turbine project to demonstrate hybrid power solutions for oil and gas operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Upstream Oil and Gas Production NEO NEXT+ operates as the largest independent oil and gas producer on the UK Continental Shelf, managing a diversified portfolio of offshore assets with projected 2026 production exceeding 250,000 barrels of oil equivalent per day. The company focuses on maximizing late-life field value and sustaining profitability in mature North Sea operations, selling production to wholesale energy buyers and oil and gas trading partners at prevailing market commodity prices.
• Decommissioning Services NEO NEXT+ provides decommissioning services for end-of-life oil and gas assets, including platforms and subsea infrastructure. The company works with stakeholders to ensure compliant and responsible decommissioning, with TotalEnergies having assumed up to $2.3 billion in decommissioning liabilities for its former assets transferred to the merged entity.
• Culzean Floating Wind Turbine A pilot project proposing the construction and deployment of a Floating Offshore Wind Turbine (FOWT) at the Culzean platform to demonstrate the possibility of powering oil and gas assets via renewable electricity, supporting the UK's net-zero targets. The project uses a semi-submersible floater concept.

Quantifiable outcome

• Expected production exceeding 250,000 barrels of oil equivalent per day in 2026
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core, supporting and minor.

• Deltic Energy plccoreStrategic or Co-development Partner · 7 May 2026NEO NEXT+ Energy Upstream UK Limited made a recommended cash offer for Deltic Energy plc, announced May 7, 2026, subject to shareholder approval. The Takeover Panel set a June 17 deadline for competing bidder Blue Concept to make a firm offer, with Deltic shareholder meetings scheduled for June 24 to approve the NEO NEXT+ acquisition. Deltic is a North Sea oil and gas exploration and production company.
• Peel Hunt LLPsupportingImplementation/ SI/ Consulting Partner · 8 December 2025Peel Hunt LLP, authorised and regulated by the Financial Conduct Authority, is acting as financial adviser exclusively for NEO NEXT+ in connection with the Deltic Energy recommended cash offer.
• Serica EnergyminorStrategic or Co-development Partner · 11 November 2025NEO NEXT Energy exercised pre-emption rights over BP's P111 and P2544 licenses, blocking Serica Energy's proposed $232 million acquisition. The licenses contain the Culzean gas condensate field where NEO NEXT holds operating rights as joint operating agreement partner.
• NEO EnergycoreStrategic or Co-development Partner · 27 March 2025NEO Energy merged with Repsol Resources UK in 2025 to form NEO NEXT Energy before combining with TotalEnergies' UK upstream assets to create NEO NEXT+. This represented a major consolidation of UK North Sea assets.
• Repsol Resources UKcoreStrategic or Co-development Partner · 27 March 2025Repsol Resources UK merged with NEO Energy in 2025 to form NEO NEXT Energy, contributing assets including interests in the Elgin/Franklin complex and various North Sea fields. The combined entity then merged with TotalEnergies' UK upstream business.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Neptune Energy: Neptune Energy is a larger European-focused independent E&P company with significant UK North Sea operations alongside assets in Norway, the Netherlands, and North Africa. It is comparable to NEO NEXT+ as a North Sea operator but operates at a broader European scale with a more diversified geographic footprint.
• Repsol: Repsol is a Spanish-based integrated energy company that contributed its UK upstream business to NEO NEXT+ through the 2025 merger. It holds a 23.625% stake and remains operationally comparable as a European E&P with North Sea portfolio history.
• TotalEnergies: TotalEnergies is a global supermajor oil and gas company that retains a 47.5% strategic stake in NEO NEXT+ following the merger of its UK upstream business. While a much larger global player, TotalEnergies is relevant as both the largest shareholder and the originator of the asset portfolio now operated by NEO NEXT+.

Others

• HitecVision: HitecVision is a Norwegian private equity firm specializing in European oil and gas investments, holding a 28.875% stake in NEO NEXT+. It is relevant as a major financial sponsor backing the consolidation strategy and as a comparable investor in similar North Sea-focused vehicles.

Direct peers

• Viaro Energy: Viaro Energy is a privately-held UK North Sea-focused independent operator with interests in producing assets and infrastructure. Its focus on UKCS upstream operations and similar late-life asset management approach makes it a relevant comparable to NEO NEXT+.
• Ithaca Energy: Ithaca Energy is a UK North Sea-focused upstream oil and gas producer operating fields in the Central and Northern North Sea. Its operational focus on UKCS mature fields and similar late-life asset strategy makes it a direct comparable peer to NEO NEXT+.
• Serica Energy: Serica Energy is a UK-listed independent oil and gas company operating in the UK North Sea, including interests in the Bruce field and previously the Triton area. It is comparable to NEO NEXT+ as a UKCS-focused operator, and was notably involved in the Culzean P111/P2544 license pre-emption dispute with NEO NEXT+.
• EnQuest: EnQuest is a UK North Sea-focused independent E&P company specializing in mature field redevelopment and late-life production optimization. Its asset base and operational focus on extracting value from declining UKCS fields closely mirrors NEO NEXT+'s strategy, making it a direct comparable peer.
• Harbour Energy: Harbour Energy is the largest London-listed independent upstream oil and gas company focused on the UK North Sea, producing approximately 140-180 kboed from mature fields. It is the most directly comparable peer to NEO NEXT+ as a UKCS-focused independent operator pursuing late-life field value optimization, though at smaller scale than the post-merger NEO NEXT+.

Emerging players

• Blue Concept HLD AS: Blue Concept HLD AS is identified in the Deltic Energy takeover context as a potential competing bidder for UK North Sea assets. It represents an emerging consolidator in the same UKCS consolidation landscape that NEO NEXT+ is pursuing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights1 record

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NEO NEXT+