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London-based Prax Group will buy all of TotalEnergies’ oil and gas interests in multiple fields west of the U.K.'s Shetland Islands, TotalEnergies announced June 27.
The Shetland Islands are an archipelago located northeast of Scotland. The assets, distributed in five fields, include an onshore gas plant and exploration licenses. The fields produce 7,500 boe/d. About 90% of the product is made up of natural gas, France-based Total Energies said in a statement.
Employees working at the sites will be transferred to Prax.
“This transaction is in line with TotalEnergies’ strategy to continuously adapt its portfolio by divesting mature non-core assets,” said TotalEnergies’ Jean-Luc Guiziou, senior vice president, Europe, for E&P.
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