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EurOil: TotalEnergies sheds West of Shetlands assets

France’s TotalEnergies announced last week it had decided to sell its entire stake in the West of Shetland gas fields to private UK-based Prax Group. This sale includes the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, as well as the Shetland gas plant and nearby exploration licences.

TotalEnergies described the UK assets as mature and non-core but affirmed its ongoing commitment to its other UK operations. The major, which has stakes in about 30% of the UK’s offshore gas production, plans to retain the rest of its upstream portfolio in the North Sea along with its integrated power and renewables portfolio in the country.

TotalEnergies emphasised its "significant presence" in UK renewable energy projects, including its involvement in the Seagreen offshore wind farm and various gas-fired power plants.

The financial details of the deal were not disclosed, and the transaction is pending regulatory approval.

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