KeyFacts Energy provide the following review of mergers and acquisitions (M&A) in the UK oil and gas and renewable sectors during 2025.

Oil & Gas

TotalEnergies Merges Its Upstream Business With NEO NEXT

In December 2025, TotalEnergies signed an agreement with NEO NEXT Energy under which TotalEnergies will merge its Upstream business with NEO NEXT and become the leading shareholder in the expanded NEO NEXT, which will be renamed NEO NEXT+, with a 47.5% ownership. 

With TotalEnergies as its leading shareholder, NEO NEXT+ will become the largest independent oil and gas producer in the UK with a production over 250,000 barrels of oil equivalent per day in 2026.

Serica Acquire Assets From Spirit Energy Affiliates

In December 2025, Serica Energy entered into a sale and purchase agreement, via two of its newly acquired subsidiaries following the completion of the Prax Upstream transaction, to acquire a portfolio of Southern North Sea assets(1) from Spirit Energy, and certain affiliates. The upfront consideration is £57 million (c.$74 million) with the effective economic date being 1 January 2025. Completion is expected in H2 2026.

The Acquired Assets comprise a 15% non-operated working interest in the Cygnus field, one of the largest producing gas fields on the UK Continental Shelf; a 25% non-operated working interest in Clipper South; operated positions across various assets in the Greater Markham Area (‘GMA’); and further operated and non-operated interests in gas fields across the Southern North Sea, being Eris (54% operated working interest), Ceres (90% operated working interest), and Galleon (8.4% non-operated working interest).

Sale of the Waldorf Group to Harbour Energy

In December 2025, the Joint Administrators of Waldorf Energy Partners Limited (“WEPL”) and the Joint Administrators of Waldorf Production Limited (“WPL”) entered into a binding share sale and purchase agreement with a wholly-owned subsidiary of Harbour Energy for the sale of the Waldorf Group, save for Waldorf Energy Finance plc (“WEF”), WEPL and WPL. 

The Waldorf Group also entered into a lock-up agreement in support of the Transaction with, amongst others, the holders of approximately 87% of the outstanding principal of the bonds issued by Waldorf Production UK plc (“WPUK”), the holders of approximately 40% of the outstanding principal of the bonds issued by WEF, Capricorn Energy plc and Alpha Petroleum (UK) Holdings Limited.

Serica Completes Acquisition of Prax Upstream

In December 2025, following receipt of NSTA consent for change of control, Serica Energy completed the acquisition of PUL from Prax Exploration & Production.  

Serica settled the consideration of £14.5 million ($18.9 million) for the acquisition, and has assumed the cash balance held by PUL on completion amounting to the equivalent of $34 million (of which $12 million is currently restricted to cover expected Serica commitments on FPSO demobilisation). 

The Lancaster field is currently producing around 5,900 boepd, with this production now added to the Serica portfolio total going forward. It is expected that the Lancaster field will cease production by the middle of 2026, when the Aoka Mizu FPSO leaves the area. 

Perenco Acquires 50% Interest in the Blythe and Elgood Fields

In November 2025, Perenco UK acquired a 50% non-operated interest in the Blythe and Elgood gas fields, located in the UK Southern North Sea, from CalEnergy.

This acquisition strengthens Perenco UK’s portfolio in the Southern North Sea and reinforces its long-term commitment to sustainable energy production and the continued optimisation of mature offshore assets. The Blythe and Elgood fields form part of the Saturn Banks area, a key UK gas hub with access to existing infrastructure and proven production capacity.

Following completion, Perenco UK and its partner will jointly focus on optimising production and extending field life through targeted investment and the application of proven brownfield expertise.

Serica  Announces Proposed Acquisition of bp UK North Sea Assets

In October 2025, Serica Energy signed an agreement to acquire the entirety of BP’s stake in the P111 and P2544 licences (‘the Proposed Acquisition’), located in the UK Central North Sea. Completion is subject inter alia to the waiver of applicable pre-emption rights.  

The Proposed Acquisition comprises a 32% non-operated working interest in the P111 licence, containing the Culzean gas condensate field (‘Culzean’), and P2544, an exploration licence adjacent to the P111 licence. The Culzean field, operated by TotalEnergies, is currently the largest single producing gas field in the UK North Sea. As per the terms of the joint operating agreement between the Culzean field partners, the Proposed Acquisition announced today is subject to a pre-emption period which runs for 30 days, with each of the Culzean field partners (TotalEnergies, 49.99%, and NEO NEXT, 18.01%) having the option to acquire BP’s stake in the licences on the same terms as those agreed by Serica. The Company will update the market further as and when appropriate. 

Ithaca Energy Completes Acquisition of Additional Interest in Cygnus Field

In October 2025, Ithaca Energy announced the acquisition of an additional 46.25% interest in the Cygnus gas field from Spirit Energy. The additional stake brings Ithaca Energy’s operated interest in the Cygnus field to 85%, with Spirit Energy retaining 15%. Approximately £115 million was paid to Spirit Energy upon completion of the Transaction (based on an effective date for the transaction of 1 January 2025 and after customary purchase price adjustments).

Cygnus is the largest UK Continental Shelf gas field and a key contributor to the UK's energy security. The Transaction adds 23 mmboe of 2P reserves (as at 1 Jan 2025) and 2025 pro forma production between 12.5 - 13.5 kboe/d, enhancing the balanced production mix of our portfolio through additional gas volumes. The Transaction adds high-quality assets in our core UK Continental Shelf market and is in line with the Group's strategy to pursue further consolidation in the basin.

Centrica Takes Stake in Europe’s Biggest LNG Terminal

In August 2025, Centrica announced the acquisition of the Isle of Grain liquified natural gas terminal (“Grain LNG”) in partnership with Energy Capital Partners LLP (“ECP”) from National Grid group for an enterprise value of £1.5 billion. After taking into account approximately £1.1 billion of new non-recourse project finance debt, Centrica’s 50% share of the equity investment is approximately £200 million.

Neo Energy Completes Merger With Repsol Resources UK

In July 2025, NEO Energy completed its strategic merger with Repsol Resources UK. The combined group has been renamed NEO NEXT Energy and becomes one of the largest producers on the UK Continental Shelf (UKCS).

This combination creates a jointly governed business which will call upon the key strengths of both shareholders. Repsol contributes operational capabilities on production, development, and decommissioning activities which will be combined with NEO Energy expertise on financial and commercial matters. 

Ithaca Completes Acquisition of JAPEX UK

In July 2025, Ithaca Energy's acquisition of the entire issued share capital of JAPEX UK E&P (“JUK”) from Japan Petroleum Exploration Co., Ltd., completed with all conditions precedent to the transaction having been satisfied.

The acquisition increases Ithaca Energy’s working interest in the well-understood and high-value Seagull field from 35% to 50%, equalling bp’s interest as the field operator, and adding pro forma 2025 production of approximately 4 – 4.5 kboe/d.

The transaction consideration of US$193 million (based on an effective date of 1 January 2024) amounts to a final completion payment of approximately US$136 million, following customary purchase price adjustments.

UK Oil & Gas Announces Sale of Oil and Gas Assets

In July 2025, UK Oil & Gas agreed the sale of its 100%-owned subsidiary UKOG (GB) Limited ("UKOG (GB)") to Servatec Holdings for a cash consideration of £400,000. Servatec are the holding company of a widely utilised and respected UK onshore oil and gas sector well services and drilling group. Completion is subject to the normal sector regulatory consents.

UKOG (GB) holds minority non-operated interests in two UK onshore petroleum licences, a 10% interest in PL211 and a 5% interest in PEDL070, containing the Horndean and Avington oil fields, respectively. Both licences are located in Hampshire. The book value of the subsidiary in the 2024 Interim Financial statements was £635,000. The profit attributable to the subsidiary in the 2023 Annual financial statements was £140,000.

Viaro to Acquire Deltic Energy

In July 2025, the boards of Viaro Bidco and Deltic have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Deltic. 

The Viaro Group entered the upstream oil and gas business in 2020 through the acquisition of Viaro Bidco, and has continued to invest and expand through further acquisitions in the UK and Netherlands. Viaro has ambitious growth plans for its upstream business and believes that the Acquisition would support its strategic aim of building a portfolio to deliver group production of 100,000 barrels of oil equivalent per day ("boe/d").

Viaro Bidco has evaluated opportunities to expand its upstream operations in the UK North Sea and views the licence interests held by Deltic to offer significant synergies to its existing portfolio. In particular the development of the Selene discovery is a key opportunity where Viaro Bidco can leverage its expertise to add to Viaro Bidco's near-term production growth in the UK. Additionally, the Blackadder exploration opportunity is close to existing Viaro Bidco infrastructure and, if successful, could add to near term production and extend the life of the potential host facilities.

Gran Tierra Energy Announces Sale of North Sea Assets

In June 2025, a wholly owned subsidiary of Gran Tierra Energy signed an agreement to sell its wholly owned subsidiary, Gran Tierra North Sea Limited (“GTNSL”), to NEO Energy for total consideration of US$7.5 Million. NEO Energy is a private upstream company and a leading independent operator in the United Kingdom Continental Shelf.

GTNSL holds a 100% equity interest in UKCS licence P2358 which includes the Serenity Discovery.

Serica Energy Completes Acquisition of Parkmead E&P

In May 2025, Parkmead completed the sale of its subsidiary, Parkmead (E&P),o Serica Energy.

Parkmead received a cash payment of approximately £7.3 million on completion (inclusive of working capital adjustments). Parkmead will also receive a further £7.0 million of additional firm cash consideration and up to £120 million of contingent cash consideration payable as follows:

• Two further deferred payments totalling £7.0 million, payable in instalments of £3.1 million and £3.9 million on the 27th of February 2026 and 27th of February 2027 respectively. These future payments are committed firm cash payments and are not subject to any conditions; and
• Two contingent payments, payable upon receipt by Serica of approval by the North Sea Transition Authority ("NSTA") for any field development plan ("FDP") relating to any development on licence P2400 (containing the Skerryvore prospect) or licence P2634 (containing the Fynn Beauly oil discovery). These cash payments are to be calculated based on £0.8/bbl of the 2P reserves contained within the respective FDP net to the Subsidiary's current 50% working interest in each licence, subject to caps of £30 million (in relation to licence P2400) and £90 million (in relation to licence P2634).

Beyond this sale of its UK North Sea offshore licences, Parkmead has retained 100% of its cash producing assets.  These are all onshore and comprise its interests in several gas fields in the Netherlands and its wholly owned wind farm in Scotland.

Orcadian Energy Completes Sale of 50% in HALO Offshore UK

In March 2025, Orcadian Energy completed the sale of 50% of the ordinary shares of HALO Offshore UK Ltd (“HALO”) to The Independent Power Corporation Plc  (“IPC”). Peter Earl and Mark Preece have been appointed to join Steve Brown and Alan Hume on the board of HALO.

Reabold Completes Further Investment in Rathlin Energy

In January 2025, Reabold Resources completed its acquisition of Rathlin Energy (UK) Limited shares from Connaught Oil & Gas Ltd for a total cash consideration of £700,000. This increases Reabold's equity interest in Rathlin to approximately 79.8%.

Rathlin is operator of the PEDL 183 Licence which includes the West Newton gas development, located onshore UK in East Yorkshire. Upon completion of the Transaction, Reabold will hold a ca. 69.9% economic interest in West Newton and PEDL 183 via its ca. 79.8% shareholding in Rathlin, which, in turn, has a 66.67% interest in PEDL 183. In addition, Reabold has a 16.665% direct licence interest in PEDL 183.

RENEWABLE

Ørsted Signs Agreement to Divest 50% Stake in Hornsea 3

In December 2025, Ørsted has entered into an agreement with Apollo-managed funds (‘Apollo‘) for a 50 % equity ownership share in Ørsted’s 2.9 GW Hornsea 3 Offshore Wind Farm in the UK.

The transaction covers the acquisition of a 50 % equity ownership share and the commitment from Apollo to fund 50 % of the payments under the EPC contract for the wind farm and the offshore transmission asset. The total value of the transaction is approx. DKK 39 billion, and the total project investment remains in the range of DKK 70–75 billion.

Vattenfall Divests its UK Electricity Distribution Business

In November 2025, Vattenfall as signed an agreement to divest its Independent Distribution Network Operator (IDNO) business in the UK, Vattenfall Networks Ltd, to Eclipse Power Limited, owner of another IDNO business - Eclipse Power Networks. Eclipse Power Group is a wholly owned subsidiary of the Octopus Sky Fund, which owns and manages infrastructure across the UK. The sale supports Vattenfall’s purpose to enable fossil freedom and its commitment to financial discipline, enabling the company to optimise resources and further invest in fossil-free energy solutions.

TagEnergy Acquires Four Scottish Wind Farms

In November 2026, TagEnergy, the global clean-energy enterprise backed by Impala SAS and Exor N.V., announced the acquisition of four onshore wind-farm assets in Scotland. These strategic additions underscore TagEnergy’s ongoing commitment to accelerating the UK’s energy transition and building a diversified, large-scale renewables platform.

Boom Power Completes Sale of UK Solar Farms

In November 2025, BOOM Power successfully completed the sale of Firsfield Solar Farm in West Suffolk and Osgodby Solar Farm in North Yorkshire to Enray Power, marking another significant milestone in its mission to accelerate the delivery of high-integrity renewable energy infrastructure across the UK.

Firsfield Solar Farm is located to the east of Firsfield in the parish of Bardwell, West Suffolk, and spans approximately 237 acres of rural land. The development has an installed capacity of approximately 71 MWp, with an export capacity of up to 46.9 MW (AC), and was granted planning permission by West Suffolk Council on 30 April 2024.

Ørsted Signs Agreement to Divest 50% Stake in Hornsea 3 to Apollo

In November 2025, Ørsted entered into an agreement with Apollo-managed funds (‘Apollo‘) for a 50 % equity ownership share in Ørsted’s 2.9 GW Hornsea 3 Offshore Wind Farm in the UK.

The transaction covers the acquisition of a 50% equity ownership share and the commitment from Apollo to fund 50 % of the payments under the EPC contract for the wind farm and the offshore transmission asset. The total value of the transaction is approx. DKK 39 billion, and the total project investment remains in the range of DKK 70–75 billion.

As part of the agreement, Ørsted will construct the Hornsea 3 project under a full-scope EPC contract as well as provide long-term operations and maintenance (O&M) services from its East Coast O&M hub. Furthermore, Ørsted will provide the incoming partner with balancing services and a long-term route to market for the renewable electricity generated from Hornsea 3.

OOW acquires Ørsted`s shares in the Salamander Offshore Wind Farm

Odfjell Oceanwind (OOW) has completed the acquisition of Ørsted`s 80% share in the Salamander Offshore Wind Farm.

OOW will work together with the remaining shareholders of the Salamander Offshore Wind Farm consisting of Simply Blue Group and Subsea7 to continue the development of the project into a demonstration project for commercial-scale floating offshore wind. The new consortium has been welcomed by Crown Estate Scotland.

Salamander is an innovative 100 MW floating offshore wind project in Scotland, located 35 kilometres off Peterhead. The project was awarded an Exclusivity Agreement for a seabed lease by Crown Estate Scotland in the INTOG leasing round and recently received section 36 consent from the Scottish Government.

JERA and bp launch offshore wind JV JERA Nex bp

In August 2025, JERA and bp completed the formation of JERA Nex bp, their new 50:50-owned joint venture (JV). 

JERA Nex bp is a global offshore wind developer, owner and operator. The new company’s portfolio of operating assets and development projects has a net potential generating capacity of 13GW. This includes around 1GW of installed net generating capacity, a 7.5GW development pipeline and an additional 4.5GW of secured leases.

JERA Nex bp will initially focus on disciplined and prioritized development of projects from its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia. It will also seek to continuously prioritize and optimize its portfolio of projects based on value and will leverage access to external capital and competitive financing. 

Eku Energy Acquires Bluestone Energy’s BESS portfolio

In April 2025, Global energy storage specialist Eku Energy acquired renewable energy developer Bluestone Energy’s portfolio of energy storage projects in the United Kingdom.

Eku Energy acquired a total of seven planned Battery Energy Storage Systems (BESS) projects across the United Kingdom with a combined capacity of 1GW / 2GWh. Amongst others, these include a 98MW / 196MWh project at Leatherhead in Surrey, a 98MW / 196MWh project at Sturts Farm, West Moors in Dorset and two 240MW projects – one near the village of Ninfield in East Sussex and another near Rochester in Kent. The transaction is targeted to be completed in the first half of 2025.

Bluestone Energy and Eku Energy established a Joint Development Agreement (JDA) in 2022. This agreement has allowed the companies to jointly identify and progress sites until they are ready to be built with Eku Energy taking the projects through to delivery with its construction and operations teams.

Octopus Takes a 10% Stake in East Anglia One Offshore Wind Farm

In April 2025, Octopus Energy acquired a 10% stake in the East Anglia One wind farm – one of the world’s largest operational wind farms.

The 714 MW wind farm is located 43 kilometers off the coast of Suffolk in the East of England and has been powering Britain with green energy since 2021.

With 102 turbines, it is among the top 10 biggest wind farms in the world, generating enough clean power to electrify around 700,000 homes a year.

CIP Acquires Morecambe Offshore Wind Project in the United Kingdom

In February 2025, Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), signed a transaction to acquire the full ownership of offshore wind project Morecambe from COBRA Group, and Flotation Energy, owned by TEPCO Renewable Power, Inc. Closing of the transaction will follow customary approvals and conditions being met. The financial terms of the transaction are not disclosed. Flotation Energy will remain involved after the transaction as a development partner to the project.

Morecambe is a 480MW fixed bottom offshore wind project located 30km from the Lancashire coast in the Eastern Irish Sea. The project lease was secured in the UK Offshore Wind Leasing Round 4 in 2021, and consent applications have been submitted.

National Grid Announces Sale of National Grid Renewables

In February 2025, National Grid agreed to sell its National Grid Renewables US onshore renewables business to Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners. This transaction is another important step in delivering National Grid's previously communicated strategy to focus on networks and streamline our business.

Statera Acquires 680MW BESS Project in North-West England

In January 2025, Statera Energy acquired a 680MW battery energy storage system (BESS) project in north-west England.

Located at Trafford Low Carbon Energy Park in Greater Manchester Carrington Storage is expected to become one of the largest of its kind in Europe once fully energised in 2026.

At 680MW, it will be over twice the size of Statera's forthcoming 300MW Thurrock Storage, and equate to nearly a quarter of the installed energy capacity of the UK operational BESS fleet.

KeyFacts Energy: Acquisitions & Mergers news

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