The initial payment of USD 125 million will be followed by two contingent payments, the first of around USD 40 million dependant on gas prices in 2022 and the second upon discoveries on the plays.
The Greater Laggan Area contains the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields. The offshore plays are around 140 kilometres west of the Shetland Islands in water depths of 300-600 metres.
Production from the 20% interest was around 8,000 boepd in 2021.
Once the transaction passes approval by UK authorities, TotalEnergies will have a 40% operating interest, with partners Kistos Energy, Ineos E&P UK and RockRose UKCS15 each holding 20% shares.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.