Total sells minority stake in Shetland fields SSE $876 million
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Total sells minority stake in Shetland fields to SSE for $876 million

7:38 AM, 29th July 2015
Total sells minority stake in Shetland fields to SSE for $876 million

PARIS, FRANCE: Total SA said it has signed an agreement to sell 20 percent of its interests in the Laggan, Tormore, Edradour and Glenlivet fields, located in the West of Shetland area, to SSE E&P UK Ltd for £565 million (approximately $876 million).

“The sale of these minority interests is aligned with Total’s portfolio management strategy and target of divesting $5 billion of assets in 2015. It allows us to capitalize fully on this new deep offshore development, while retaining a majority interest and operatorship,” said Arnaud Breuillac, president, exploration & production, Total. “With the upcoming start-up of Laggan, followed by Tormore, Edradour and Glenlivet in the coming years, Total is opening up a new frontier area for gas production in the UK.”

Following completion of the transaction, Total will hold a 60 percent operated interest in the Laggan, Tormore, Edradour and Glenlivet fields, alongside partners DONG E&P (UK) Ltd (20 percent) and SSE E&P UK Ltd (20 percent). The sale also includes 20 percent of Total’s interest in the Shetland gas plant and interests in several exploration licenses located in the West of Shetland area, including the Tobermory discovery.

With the imminent start-up of the Laggan project in the West of Shetland area, Total will open its third hub in the UK and a new frontier gas production area for the industry. By the end of 2015, Total is expected to become the largest producing oil and gas company in the UK, it said.

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