By Mauro Orru 
 

TotalEnergies SE has signed an agreement to sell a 20% interest in Greater Laggan Area fields and in the Shetland Gas Plant in Scotland, along with interests in several nearby exploration licenses to Kistos PLC.

The French energy giant said Monday that the Greater Laggan Area consists of the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, roughly 140 kilometers (87 miles) west of the Shetland Islands at water depths of 300 to 600 meters

The transaction includes a consideration of $125 million and two contingent payments, the first one up to $40 million depending on the gas price in 2022, and a second payment in the event of development of a discovery on an exploration license.

The deal is subject to approval from U.K. authorities, TotalEnergies said.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

January 31, 2022 02:47 ET (07:47 GMT)

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