TotalEnergies sells mature assets offshore UK to The Prax Group

(WO) – TotalEnergies 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).

These mature assets currently produce about 7,500 boed 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.”

TotalEnergies has been present in the UK for more than 60 years, employing more than 1,800 people across the energy value chain.

The company operates around 30% of the UK Continental Shelf’s gas production, with average daily production of 142,000 boed in 2023 in company share.