05/07/2024 by OilStoreAdministrator
France-based TotalEnergies has announced that it is to sell its assets related to the gas fields in the West of Shetland area, subject to approval from regulators and other authorities.
The assets in question include the Edradour, Laggan, Glenlivet, Tormore and Glendronach fields, as well as exploration licenses nearby and the Shetland Gas Plant located onshore.
These assets produce around 90% gas, with TotalEnergies’ share of the production amounting to 7,500 barrels of oil equivalent per day.
TotalEnergies says it has signed an agreement with the Prax Group to purchase its entire interests in the assets, with the employees concerned being transferred to Prax as part of the deal.
TotalEnergies’ senior vice president for exploration and production in Europe, Jean-Luc Guiziou, said:
“This transaction is in line with TotalEnergies’ strategy to adapt its portfolio by divesting mature non-core assets. TotalEnergies remains committed to the UK through both its upstream portfolio in the North Sea (Elgin-Franklin, Culzean and Alwyn fields) and its Integrated Power and Renewables portfolio.”
In a press release, TotalEnergies pointed out that it had been operating in the UK for over 60 years. It markets the Total range of lubricant, metalworking and coolant products. It is also one of the country’s largest operators of gas and oil projects, with it operating around 30% of the gas production on the UK Continental Shelf. It also has 1.1 GW of renewable power generation capacity in the UK, with a further 4.5 GW in the pipeline.
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