United Kingdom: TotalEnergies Sells Its Interests in West of Shetland Gas Fields
27 June 2024 - 7:59PM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an
agreement to sell to The Prax Group its entire interest in West of
Shetland assets in the United Kingdom (Laggan, Tormore, Glenlivet,
Edradour and Glendronach fields, the onshore Shetland Gas Plant and
nearby exploration licenses). The transaction is subject to
approval from the relevant authorities.
These mature assets currently produce about 7,500 barrels of oil
equivalent per day in TotalEnergies’ share, made up of around 90%
of gas. The transaction involves the transfer of relevant employees
from TotalEnergies to Prax in compliance with the applicable
legislation.
“This transaction is in line with TotalEnergies’ strategy to
continuously adapt its portfolio by divesting mature non-core
assets,” said Jean-Luc Guiziou, Senior Vice President Europe for
Exploration & Production at TotalEnergies. “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.”
***
About TotalEnergies in the United Kingdom TotalEnergies
has been present in the UK for more than 60 years, employing more
than 1,800 people across the energy value chain. As one of the
country’s leading oil and gas operators, the Company operates
around 30% of the UK Continental Shelf’s gas production, with
average daily production of 142,000 barrels of oil equivalent per
day (boe/d) in 2023 in company share. TotalEnergies is deploying
its Integrated Power strategy in the UK, which combines renewable
power production and flexible power generation capacities. Its
renewable portfolio in the county includes 1.1 GW of gross
installed capacity (Seagreen offshore wind farm) and 4.5 GW under
development. It was complemented in 2024 by the acquisition of
gas-fired power plants (CCGT) with total output of 1.3 GW. The
Company is one of the UK’s largest suppliers of gas and electricity
to businesses and the public sector. TotalEnergies also offers EV
charging solutions and markets petroleum products including
lubricants, aviation fuel, bitumen and specialty fluids. The
Company is also present in the CCS business through its 10%
interest in the Northern Endurance Partnership.
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
@TotalEnergies TotalEnergies TotalEnergies
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Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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