TotalEnergies to Sell West of Shetland Assets to The Prax Group in Strategic Portfolio Realignment

TotalEnergies to Sell West of Shetland Assets to The Prax Group in Strategic Portfolio Realignment

(IN BRIEF) TotalEnergies has agreed to sell its entire stake in West of Shetland assets, including several fields and the Shetland Gas Plant, to The Prax Group. This transaction, pending regulatory approval, is part of TotalEnergies’ strategy to divest mature non-core assets while maintaining a commitment to its upstream operations in the UK North Sea and expanding its Integrated Power and Renewables portfolio.

(PRESS RELEASE) PARIS, 28-Jun-2024 — /EuropaWire/ — TotalEnergies has announced a strategic move to divest its entire interest in West of Shetland assets to The Prax Group. The assets in question include the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, along with the onshore Shetland Gas Plant and nearby exploration licenses. This transaction, pending regulatory approval, marks a significant shift for TotalEnergies as it refines its portfolio.

The West of Shetland assets currently contribute approximately 7,500 barrels of oil equivalent per day to TotalEnergies’ production, predominantly in natural gas. As part of the deal, relevant personnel will transition from TotalEnergies to Prax in accordance with legal requirements.

Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies, commented on the transaction, stating, “This divestment aligns with TotalEnergies’ strategy to optimize its asset base by shedding mature non-core assets. Despite this move, TotalEnergies reaffirms its ongoing commitment to the UK, maintaining a robust presence in the North Sea with assets such as Elgin-Franklin, Culzean, and Alwyn fields, alongside its growing 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.

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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. TotalEnergies SE has no liability for the acts or omissions of these 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 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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SOURCE: TotalEnergies