TotalEnergies declared that it has signed an agreement with Kistos Energy Limited to sell a 20% interest in the Greater Laggan Area fields and in the Shetland Gas Plant in the UK, in addition to interests in several nearby exploration licenses.

According to the company’s statement, the transaction includes a firm consideration of $125 million, in addition to two contingent payments, the first one up to $40 million depending on the natural gas price in 2022, and the second one in case of developing a discovery within exploration license.

It should be noted that the sale process is subject to the consent of authorities in the UK.

After completing the transaction, TotalEnergies E&P UK Limited will hold a 40% operated interest in the Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, including infield facilities and the onshore Shetland Gas Plant, alongside partners Kistos Energy Limited (20%), Ineos E&P UK Limited (20%) and RockRose UKCS15 Limited (20%).