Total to Sell Laggan-Tormore for Billion

by Tom Morton -

French energy giant Total is planing to sell its Laggan-Tormore gas field, according to the news agency Reuters, quoting 'banking sources'. The gas plant associated with the field is still under construction at Sullom Voe in Shetland and is due to be completed by contractors Petrofac by the end of September, several months behind schedule.

Reuters report that Total will seek around £1 billion for their 80 per cent stake in the field. Development costs for Laggan-Tormore are thought to be approximately £3.5 billion.

Total has refused to comment.

Full Reuters story here.

Petro Global News follow up here.

Posted in: Oil and Gas