TotalEnergies Decides to Sell its Stakes in West of Shetland Gas Fields

SEATTLE (Oil Monster): TotalEnergies SE announced that it has decided to sell all of its natural gas stakes in the West of Shetland Basin in the United Kingdom for an undisclosed amount. The transaction is subject to necessary regulatory approvals.

The company has signed an agreement to sell Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, the onshore Shetland Gas Plant and nearby exploration licenses to London-based The Prax Group. As per agreement, “relevant employees” of TotalEnergies to Prax Group.

The above assets currently produce nearly 7,500 barrels of oil equivalent per day in TotalEnergies’ share. The Shetland Gas Plant has a reported capacity of approximately 500 million standard cubic feet a day.

TotalEnergies E&P UK Ltd. currently holds a 40 percent operated stake in the Greater Laggan Area fields and facilities. Kistos Energy Ltd, Ineos E&P UK Ltd. and RockRose UKCS15 Ltd. hold the remaining stake, 20% each.

Jean-Luc Guiziou, senior vice president for exploration and production in Europe at TotalEnergies, in a statement, noted that the transaction is in line with the company’s strategy to continuously adapt its portfolio by divesting mature non-core assets. The company remains committed to operations of its upstream portfolio in the North Sea and Integrated Power and Renewables portfolio in the UK, he added.