Energy giant Total sells North Sea assets for £585m

Energy giant Total is selling its pipeline infrastructure assets in the North Sea for £585 million. The French company is disposing all of its interests in the FUKA and SIRGE […]

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By Priyanka Shrestha

Energy giant Total is selling its pipeline infrastructure assets in the North Sea for £585 million.

The French company is disposing all of its interests in the FUKA and SIRGE gas pipelines and the St Fergus Gas Terminal, which has a processing capacity of more than 2,600 million cubic feet of gas per day.

North Sea Midstream Partners is buying the assets.

It follows the sale of its stakes in four gas fields off the Shetland Islands to UK power supplier SSE for £565 million.

Patrick de La Chevardière, Chief Financial Officer at Total said: “[This] is another example of Total’s strategy of active portfolio management and the strong potential to unlock value from a range of infrastructure assets.

“Transferring ownership to an entity specialising in midstream UK assets creates value for us and ensures a long and bright future for the facilities.”

Total recently announced it is no longer producing coal.