TotalEnergies has finalised a deal to offload its entire interest in its West of Shetland assets in the UK to the Prax Group.
The financial specifics of the agreement between the French energy giant and the Prax Group have not been disclosed.
Included in the sale are the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, alongside the Shetland Gas Plant and adjacent exploration licences.
The current production from these assets stands at approximately 7,500 barrels of oil equivalent (boe) per day, predominantly gas.
The deal also entails the transfer of relevant TotalEnergies employees to Prax, adhering to the applicable legislation.
TotalEnergies, with a history of over 60 years in the UK, employs more than 1,800 individuals across various sectors of the energy industry.
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By GlobalDataThe company is said to operate around 30% of the UKCS’ gas production. In 2023, TotalEnergies’ daily production averaged 142,000boe.
TotalEnergies senior vice-president Europe for exploration & production Jean-Luc Guiziou said: “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.”
Recently, TotalEnergies entered into an agreement to obtain a 60% interest and operatorship in Block STP02, situated offshore Sao Tome and Principe.
This stake is being acquired from the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), with existing licence holders Sonangol and ANP-STP retaining the rest of the shares.
Block STP02, located approximately 60km from the coast of Principe, covers an area of 4,969km² within a prospective basin.
Furthermore, last week, TotalEnergies announced the divestiture of its wholly owned subsidiary in Brunei to Hibiscus Petroleum for $259m (€242.16m).
