Energy / Total sells gas plant and west of Shetland interests
TOTALENERGIES, the company which owns a majority share in the West of Shetland gas fields as well as the Shetland Gas Plant, has signed an agreement to sell its entire interest in these assets to the London-based Prax Group.
These include the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields as well as nearby exploration licences, the French oil and gas giant said.
The transaction to Prax Group is subject to approval from the relevant authorities.
The assets currently produce about 7,500 barrels of oil equivalent per day in TotalEnergies’ share of which 90 per cent is gas.
The company confirmed that the transaction involves the transfer of relevant employees to Prax.
Last year Prax Group acquired Hurricane Energy which held a 100 per cent interest in Lancaster offshore filed in the west of Shetland.
TotalEnergies’ senior vice present Europe 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.”
Prax Group’s chair and CEO Sanjeev Kumar Soosaipillai said: “The announcement of the signing of this agreement is the culmination of many months of solid co-operation between our respective companies.
“Following a period of consolidation, we now have a clear path to achieve our vision and future-proofour company and are ready to continue implementing our strategy.
“The acquisition of TotalEnergies’ West of Shetland interests is the beginning of the next exciting chapter in our history.”
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