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    TotalEnergies may sell stake in UK gas field: press

Summary

Reuters reports the sale could bring in as much as $300mn for the French major.

by: Daniel Graeber

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Energy Transition, Corporate, Financials, Companies, Europe, Total, News By Country, United Kingdom

TotalEnergies may sell stake in UK gas field: press

French energy company TotalEnergies is looking to sell part of its holdings in the Laggan-Tormore natural gas field in the UK waters of the North Sea, the Reuters news service reported October 5.

Reuters reported that TotalEnergies is looking to sell off about a third of its 60% stake in the gas field, which could fetch around $300mn.

Production at the deepwater field began in 2016. Gas processed from the reservoir is exported to a terminal at St Fergus in Scotland, while condensate supplies are sent to the Sullom Voe facility at Shetland.

TotalEnergies is diversifying its portfolio as part of the so-called energy transition. Early this week, the company teamed up with Air Liquide and VINCI Energies to launch the world's largest fund designed exclusively for developing clean hydrogen infrastructure.

Elsewhere, the French company said it sees the market for LNG in particular expanding by about 5%/year for the foreseeable future.

Sources speaking to Reuters said TotalEnergies was looking to capitalise on the ongoing rally in natural gas prices with the sale of part of its stake in Laggan-Tormore.

The company offered no public statement regarding the potential sale. Other partners include INEOS and Viaro Energy.