REG-TotalEnergies SE United Kingdom: TotalEnergies Sells Its Interests in West of Shetland Gas Fields

TotalEnergies SEAnnouncement

27/06/2024 11:00

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United Kingdom: TotalEnergies Sells Its Interests in West of Shetland Gas
Fields

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement to sell
to The Prax Group its entire interest in West of Shetland assets in the United
Kingdom (Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, the
onshore Shetland Gas Plant and nearby exploration licenses). The transaction
is subject to approval from the relevant authorities.

These mature assets currently produce about 7,500 barrels of oil equivalent
per day in TotalEnergies’ share, made up of around 90% of gas. The
transaction involves the transfer of relevant employees from TotalEnergies to
Prax in compliance with the applicable legislation.

“This transaction is in line with TotalEnergies’ strategy to continuously
adapt its portfolio by divesting mature non-core assets,” said Jean-Luc
Guiziou, Senior Vice President Europe for Exploration & Production at
TotalEnergies. “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.”

***

About TotalEnergies in the United Kingdom

TotalEnergies has been present in the UK for more than 60 years, employing
more than 1,800 people across the energy value chain.

As one of the country’s leading oil and gas operators, the Company operates
around 30% of the UK Continental Shelf’s gas production, with average daily
production of 142,000 barrels of oil equivalent per day (boe/d) in 2023 in
company share.

TotalEnergies is deploying its Integrated Power strategy in the UK, which
combines renewable power production and flexible power generation capacities.
Its renewable portfolio in the county includes 1.1 GW of gross installed
capacity (Seagreen offshore wind farm) and 4.5 GW under development. It was
complemented in 2024 by the acquisition of gas-fired power plants (CCGT) with
total output of 1.3 GW.

The Company is one of the UK’s largest suppliers of gas and electricity to
businesses and the public sector. TotalEnergies also offers EV charging
solutions and markets petroleum products including lubricants, aviation fuel,
bitumen and specialty fluids.

The Company is also present in the CCS business through its 10% interest in
the Northern Endurance Partnership.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more affordable and more
sustainable. Active in about 120 countries, TotalEnergies places
sustainability at the heart of its strategy, its projects and its operations.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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