on TOTALENERGIES (EPA:TTE)
TotalEnergies Sells Its Interests in West of Shetland Gas Fields
Paris, June 27, 2024 – TotalEnergies has agreed to sell its interests in West of Shetland assets to The Prax Group. This includes Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, the onshore Shetland Gas Plant, and nearby exploration licenses. The approval from relevant authorities is pending.
These mature assets produce about 7,500 barrels of oil equivalent per day, mostly gas. The transaction includes transferring relevant employees to Prax, compliant with applicable legislation.
Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies, stated this aligns with TotalEnergies’ strategy to adapt its portfolio by divesting non-core mature assets. The company remains committed to its upstream portfolio in the North Sea and its Integrated Power and Renewables portfolio in the UK.
R. P.
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