TotalEnergies to sell UK West of Shetland assets to the Prax Group

TotalEnergies signed a landmark agreement to divest its entire interest in West of Shetland assets in the United Kingdom to The Prax Group. This strategic transaction includes the transfer of several key assets, namely the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, the onshore Shetland Gas Plant, and nearby exploration licenses. The deal is currently awaiting approval from the relevant authorities.

These mature assets currently contribute approximately 7,500 barrels of oil equivalent per day to TotalEnergies’ share, with gas making up around 90% of this production. Alongside the asset transfer, the agreement stipulates that relevant employees will transition from TotalEnergies to Prax in accordance with applicable legislation.

Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies, commented on the transaction: “This transaction is in line with TotalEnergies’ strategy to continuously adapt its portfolio by divesting mature non-core assets. TotalEnergies remains committed to the UK through both its upstream portfolio in the North Sea (Elgin-Franklin, Culzean and Alwyn fields) and its Integrated Power and Renewables portfolio.”

Contribution to the UK’s energy sector

TotalEnergies has maintained a significant presence in the UK for over 60 years, employing more than 1,800 people across the energy value chain. As a leading oil and gas operator in the region, the company manages about 30% of the UK Continental Shelf’s gas production, averaging a daily production of 142,000 barrels of oil equivalent in 2023.

The company is also at the forefront of the UK’s renewable energy sector, implementing its Integrated Power strategy which merges renewable power production with flexible power generation capacities. TotalEnergies' renewable portfolio in the UK includes 1.1 GW of gross installed capacity from the Seagreen offshore wind farm and 4.5 GW under development. This portfolio was further enhanced in 2024 by acquiring gas-fired power plants with a total output of 1.3 GW.

TotalEnergies is one of the largest suppliers of gas and electricity to businesses and the public sector in the UK, offering comprehensive energy solutions including EV charging and marketing of petroleum products such as lubricants, aviation fuel, bitumen, and specialty fluids. Additionally, the company is engaged in the carbon capture and storage (CCS) business through its 10% interest in the Northern Endurance Partnership.

TotalEnergies is a global integrated energy company that produces and markets a wide range of energies including oil, biofuels, natural gas, green gases, renewables, and electricity. With a workforce of over 100,000 employees operating in about 120 countries, the company is committed to providing energy that is more reliable, affordable, and sustainable. Sustainability is central to TotalEnergies' strategy, projects, and operations, reflecting the company's dedication to reducing its carbon footprint and enhancing energy accessibility worldwide.