French oil major TotalEnergies is seeking to sell a third of its 60% stake in the Laggan Tormore gas field in the British North Sea, which is expected to raise around $300 million, six industry and banking sources told Reuters.
The company is hoping the recent rally in natural gas prices to record highs due to tightening supplies will boost buyer interest, the sources said.
TotalEnergies declined to comment.
The French oil and gas giant attempted in 2018 to sell a 20% stake in the Laggan Tormore field, which started production in February 2016 and can produce up to 90,000 barrels of oil equivalent per day, but the sale fell through.
The field is located in the northwest of the Shetland Islands region, where several large oil and gas fields have been developed in recent years. Privately-owned INEOS holds another 20% of the field, and Viaro Energy the remaining 20%.
Most other areas in the ageing UK North Sea have seen production declines in recent decades.
TotalEnergies, like its European rivals, is in the midst of a shift towards renewables and low-carbon energy as part of a strategy to sharply reduce greenhouse gas emissions in the coming decades.
The company continues to invest in natural gas.
"Gas has a key role in the energy transition. And I would say what is happening this year is even further reinforcing my conviction," Chief Executive Patrick Pouyanne told analysts in a conference call last week.
Recommended Reading
TechnipFMC Awarded EPCI for Equinor’s Johan Sverdrup Phase 3
2025-03-25 - The Johan Sverdrup Field, which originally began production in 2019, is one of the largest developments in the Norwegian North Sea.
Exclusive: Metal Tariffs Unlikely to Disrupt Lower 48 Supply Chain
2025-03-25 - With tariffs discussions creating uncertainty in the energy sector, Luca Zanotti, Tenaris’ U.S. president, said he sees minimal impact with tariffs on oil country tubular goods, in this Hart Energy exclusive interview.
E&P Highlights: March 24, 2025
2025-03-24 - Here’s a roundup of the latest E&P headlines, from an oil find in western Hungary to new gas exploration licenses offshore Israel.
Shell Takes FID on Gato do Mato Project Offshore Brazil
2025-03-23 - Shell Plc will be the operator and 50% owner, with Ecopetrol holding 30% interest and TotalEnergies 20%.
US Oil, Gas Rigs Rise for First Time in Three Weeks
2025-03-21 - Despite this week's rig increase, Baker Hughes said the total count was still down 31 rigs, or 5% below this time last year.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.