Investment company Kistos Energy is taking over TotalEnergies' 20-percent stake in the Greater Laggan Area fields in the British part of the North Sea. Additionally, Kistos is acquiring a 20-percent stake from the French oil giant in the Shetland Gas Plant as well as interests in several exploration licenses.

In a press release, TotalEnergies confirms the news of a transaction that will come to USD 125m initially. However, certain eventualities could lead the sum to increase. Already in 2022, the sum could go up by USD 40m depending on the gas price.

At a later stage, the price might swell further in the event that licensing holders develop a discovery from one of the exploration licenses.

At first, the transaction is pending the approval of the British authorities. If approved, Kistos Energy will take over a share of production which last year came to about 8,000 barrels of oil equivalent per day.

TotalEnergies will retain interest of 40 percent in the fields, while Ineos and Rockros UKCS15 Limited each own 20 percent each, as will Kistos.

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