TOTAL has confirmed it is considering selling a 20 percent stake in the giant Laggan Tormore development West of Shetland but the French oil and gas major said it would not reduce its position further.
"The group is clear that it wants to reduce a little bit its exposure west of Shetlands and 80 percent is a big exposure, so we are considering a divestment of 20 percent," Michael Borrell, Total's senior vice-president for Europe and Central Asia told Reuters on the sidelines of an oil conference in Paris.
"But it's an excellent asset ... and we will remain in it," he said.
Total has been reported to be hoping to get up to $1.5 billion (£1bn) by selling a stake in the combined Laggan and Tormore gas fields and related assets including a processing plant on Shetland. The fields are located around 75 miles north west of Shetland. Total owns 80 percent of the project, which is expected to come on stream later this year.
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