TotalEnergies has signed an agreement to sell to the Prax Group its entire interest in West of Shetland assets in the United Kingdom, which includes six offshore gas fields, the onshore Shetland Gas Plant and nearby exploration licenses.
The six offshore fields sold to Prax Group include Laggan, Tormore, Glenlivet, Edradour and Glendronach fields. The transaction is subject to approval from the relevant authorities.
These mature assets currently produce about 7,500 barrels of oil equivalent per day in TotalEnergies’ share, made up of around 90% of gas.
The transaction involves the transfer of relevant employees from TotalEnergies to Prax in compliance with the applicable legislation.
TotalEnergies did not disclose the value of the contract, or any additional details.
“This transaction is in line with TotalEnergies’ strategy to continuously 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,” said Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies.