UK M&A | Prax acquires TotalEnergies’ West of Shetlands assets
July 3, 2024
On 27 June 2024, TotalEnergies announced the sale of its West of Shetlands assets to Prax Group for an undisclosed consideration. The deal includes 40% operated interests in five fields – Laggan, Tormore, Edradour, Glenlivet (onstream) and Glendronach (pre-sanction). The deal includes TotalEnergies’ interest in the Shetland Gas Plant, along with acreage awarded to TotalEnergies’ with partner Shell in the 33rd Licensing Round, comprising ten blocks to the north of Laggan and Tormore.