Total To Sells 20% Interest In West Of Shetland Fields For GBP 565 Mln

(RTTNews) - French oil and gas giant Total SA (TTA.L, TTFNF, TOT) agreed Wednesday to sell 20 percent of its interests in the Laggan, Tormore, Edradour and Glenlivet fields, located in the West of Shetland area, to SSE E&P UK Ltd. for 565 million British pounds or about $876 million, subject to the customary approvals.

The sale of the minority interest is part of Total's portfolio management strategy and target of divesting $5 billion of assets in 2015.

Following completion of the sale, Total will hold a 60 percent operated interest in the Laggan, Tormore, Edradour and Glenlivet fields, alongside partners DONG E&P (UK) Ltd. (20 percent) and SSE E&P Ltd (20 percent).

The sale also includes 20 percent of Total's interest in the Shetland Gas Plant and interests in several exploration licenses located in the West of Shetland area, including the Tobermory discovery.