TotalEnergies Divests UK Offshore Mature Assets to The Prax Group

TotalEnergies has entered into an agreement to divest its complete stake in the West of Shetland assets in the United Kingdom (including the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, as well as the onshore Shetland Gas Plant and adjacent exploration licenses) to The Prax Group. The completion of this transaction is contingent upon approval from the appropriate regulatory authorities.

These mature assets currently yield approximately 7,500 barrels of oil equivalent per day in TotalEnergies’ ownership, primarily consisting of approximately 90% natural gas. As part of the transaction, TotalEnergies will transfer relevant employees to Prax in accordance with relevant legislation.

Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies, stated, "This divestment aligns with TotalEnergies' strategy of continually adjusting its portfolio by selling mature non-core assets. TotalEnergies remains dedicated to the UK market through its upstream operations in the North Sea (including the Elgin-Franklin, Culzean, and Alwyn fields) and its Integrated Power and Renewables portfolio."

TotalEnergies has maintained a presence in the UK for over six decades, employing over 1,800 individuals across the energy value chain. As a prominent operator in the oil and gas sector, the company oversees approximately 30% of the UK Continental Shelf’s gas production, achieving an average daily production of 142,000 barrels of oil equivalent per day (boe/d) in 2023.

In addition to its core hydrocarbon operations, TotalEnergies is advancing its Integrated Power strategy in the UK, which integrates renewable power generation with flexible power generation capabilities. The company's renewable portfolio includes 1.1 GW of gross installed capacity from projects like the Seagreen offshore wind farm, with an additional 4.5 GW under development. In 2024, TotalEnergies expanded its footprint in the UK's energy landscape by acquiring gas-fired power plants (CCGT) boasting a combined output of 1.3 GW.

Beyond energy production, TotalEnergies is a major supplier of gas and electricity to businesses and the public sector in the UK. The company also provides electric vehicle (EV) charging solutions and markets a range of petroleum products, including lubricants, aviation fuel, bitumen, and specialty fluids.

Furthermore, TotalEnergies is involved in the carbon capture and storage (CCS) sector through its 10% stake in the Northern Endurance Partnership, reinforcing its commitment to advancing sustainable energy solutions in the UK market.

TotalEnergies is a worldwide integrated energy company involved in the production and distribution of various energy sources including oil, biofuels, natural gas, green gases, renewables, and electricity. With a global workforce exceeding 100,000 employees, TotalEnergies is dedicated to delivering reliable, affordable, and sustainable energy solutions to communities worldwide. Operating in approximately 120 countries, TotalEnergies prioritizes sustainability, integrating it into its strategy, projects, and operational practices.