France’s Total is reportedly planning to sell its stake in the Laggan-Tormore oil and gas fields in the UK North Sea.
Banking sources told Reuters that Total hopes to sell its 80 percent stake in the project for up to $1.5 billion.
“Total is reassigning their portfolio and want higher returns elsewhere in the world,” one source said.
The field is located about 77 miles northwest of the Shetland Islands in the UK North Sea.
Total said it does not comment on “market rumors.”
The project is expected to go onstream later this year after facing construction delays last summer.
The field’s infrastructure is currently being built and will include a subsea production system integrating two well connection modules, two 88 mile long ubsea multiphase pipes, an onshore processing plant and the installation of a subsea pipeline for evacuating the gas over a distance of 145 miles to the FUKA transport system.
The project has a capacity of 90,000 barrels of oil equivalent per day.
Total operates the field with an 80 percent stake.
Denmark-based Dong Energy holds a 20 percent interest.
Total reported a fourth quarter adjusted net income of $2.8 billion, a 17 percent drop from the same period last year.