Total sells minority interests in West of Shetland fields for £565M

Total has signed an agreement to sell 20% of its interests in the Laggan, Tormore, Edradour, and Glenlivet fields, located in the West of Shetland area, to SSE E&P UK Ltd. for £565 million ($876 million). 

“The sale of these minority interests is aligned with Total’s portfolio management strategy and target of divesting $5 billion of assets in 2015,” said Arnaud Breuillac, president of exploration and production. “It allows us to capitalize fully on this new deep offshore development, while retaining a majority interest and operatorship. With the upcoming startup of Laggan, followed by Tormore, Edradour, and Glenlivet in the coming years, Total is opening up a new frontier area for gas production in the UK.”

Following completion of the transaction, Total will hold a 60% operated interest in the Laggan, Tormore, Edradour, and Glenlivet fields, alongside partners DONG E&P (UK) Ltd. (20%) and SSE E&P UK Ltd. (20%). The sale also includes 20% of Total’s interest in the Shetland Gas Plant and interests in several exploration licenses located in the West of Shetland area, including the Tobermory discovery.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...