(AOF) – TotalEnergies has signed an agreement to sell to Kistos Energy Limited a 20% interest in the gas fields in the Greater Laggan area and in the Shetland gas processing plant in the United Kingdom, as well as interests in several neighboring exploration licenses. The price of this transaction includes a firm amount of $125 million, as well as two contingent payments, the first of which can reach $40 million depending on the price of gas in 2022 and the second in the event of the development of a discovery on a exploration permit.
The Greater Laggan area includes the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, located approximately 140 kilometers west of the Shetland Islands, in water depths between 300 and 600 metres.
Their development was launched in 2010 and production started in 2016. Production corresponding to the 20% interest transferred to Kistos Energy Limited was approximately 8,000 barrels of oil equivalent per day in 2021.
Following this transaction, TotalEnergies E&P UK will hold a 40% stake in the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, as well as the on-site facilities and the Shetland gas plant, alongside its partners Kistos Energy Limited, Ineos E&P UK and RockRose UKCS15 Limited (20% each).
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