TotalEnergies has agreed to sell its entire interest in its West of Shetland gas fields to the Prax Group, a private UK company.
It comprises the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, as well as the onshore Shetland gas plant and nearby exploration licenses.
Total described these UK assets as mature and non-core, adding that it remained committed to its operations in the United Kingdom.
The French energy major, which holds interests in around 30% of the UK’s offshore gas production, said It would be retaining the rest of its upstream portfolio in the North Sea as well as its Integrated Power and Renewables portfolio in the UK.
It also highlighted “a significant presence” in British renewable energy projects including its participation in the Seagreen offshore wind farm and gas-fired power plants (alongside partner).
The deal value was not disclosed, and, the transaction remains subject to regulatory approval.
The Total assets add to the Prax Group’s footprint West of Shetland, following its acquisition of Hurricane Energy last June for £82.7 million (potentially rising to £249 million over time, depending on asset performance).
Total’s West of Shetland fields produce around 7,500 barrels of oil equivalent per day, with gas accounting for approximately 90% of output.
Prax agreed, as part of the deal, to retain employees working on the assets in compliance with applicable legislation.