HJBC/iStock Editorial via Getty Images
TotalEnergies (NYSE:TTE) said Thursday it agreed to sell its West of Shetland oil and gas fields in the U.K. to privately-held Prax Group for an undisclosed sum.
The French company is selling its entire interest in West of Shetland fields – Laggan, Tormore, Glenlivet, Edradour and Glendronach – as well as the Shetland gas plant and nearby exploration licenses; the mature assets currently produce ~7,500 boe/day (~90% gas) net to the company.
TotalEnergies (TTE) said it remains committed to the U.K. through its upstream portfolio in the North Sea and its integrated power and renewables portfolio.
Separately, TotalEnergies (TTE) said it agreed to acquire a 60% interest and operatorship in Block STP02 offshore Sao Tome and Principe for an undisclosed sum.