TotalEnergies has agreed to sell a 20% stake in a package of West of Shetland assets to Kistos Energy in a deal worth more than $165 million (£123 million).

Kistos, headed up by former RockRose Energy CEO Andrew Austin, will take up interests in the Greater Laggan Area fields and the Shetland Gas Plant, as well as interests in nearby exploration licences.

The deal covers an initial payment of £93 million, plus two contingent payments, the first being up to £30 million depending on the gas price in 2022.

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Photo Credit: Energy Voice.