TotalEnergies has agreed to sell its entire interest in West of Shetland assets, including gas fields and the Shetland Gas Plant, to The Prax Group, pending regulatory approval.
These mature assets currently yield approximately 7,500 barrels of oil equivalent per day for TotalEnergies, predominantly composed of 90% natural gas.
The transaction involves the transfer of associated employees to Prax in compliance with regulations.
Jean-Luc Guiziou, Senior Vice President Europe for Exploration and Production at TotalEnergies 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.”
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