TotalEnergies divests from West of Shetland gas assets in the UK

 TotalEnergies will sell its entire interest in the UK’s West of Shetland gasfields to the Prax Group, the French company said on Thursday.The fields are producing around 7,500 boepd in TotalEnergies’ share, of which 90% is natural gas.The West of Shetland assets include the mature Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, the onshore Shetland Gas Plant and nearby exploration licences.

“This transaction is in line with TotalEnergies’ strategy to continuously adapt its portfolio by divesting mature non-core assets,” TotalEnergies’ senior vice-president in Europe for exploration & production Jean-Luc Guiziou said.

“TotalEnergies remains committed to the UK through both its upstream portfolio in the North Sea (the Elgin-Franklin, Culzean and Alwyn fields) and its integrated power and renewables portfolio,” he added.

The London-headquartered Prax Group has built a business in refining, storage, distribution and sales of crude oil, petroleum products and biofuels.Prax chairman and CEO, Sanjeev Kumar Soosaipillai, highlighted the Group’s “long-term plan to strengthen our position across the whole oil and gas value chain” and said two more acquisitions were in the works.