TotalEnergies SE wants to sell its remaining stake in UK North Sea gas fields in the Greater Laggan area, according to people with knowledge of the matter.
The move follows TotalEnergies’ sale of a 20% stake in the Greater Laggan area to Kistos Plc last year for $125 million and contingent payments of up to $40 million. Viaro Energy Ltd. and Ineos AG each have a 20% stake in the fields.
TotalEnergies declined to comment.
The sale of the assets by TotalEnergies would continue the trend of oil majors and private equity firms abandoning the aging North Sea. This has given way to a number of newer, smaller companies such as Viaro and Kistos, a company formed by RockRose Energy founder Andrew Austin, which are picking up assets in the region.
The GLA consists of the Laggan, Tormore, Edradour and Glenlivet gas fields, as well as the undeveloped Glendronach field. Production is expected to fall below 25,000 barrels of oil equivalent per day this year, according to a 2022 Kistos filing.
–With the help of François de Beaupuy.
