Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Total acquires further stake in gas discovery

23/09/2014 by

W1siziisijiwmtqvmtavmjgvmtuvmtmvmdkvmzy5l2zpbguixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

TOTAL has underlined its ­enthusiasm for the West of Shetland area by acquiring a further 10 per cent of a gas discovery there.

The French oil and gas giant has agreed to pay £10m for Faroe Petroleum's stake in the undeveloped Glenlivet find, months after buying a 60 per cent holding in the field from Dong.

Aberdeen-based Faroe is expected to book a profit of around £5m on the sale.

The company said the sale was in line with its strategy to turn its exploration successes into cash that it could use to fund activity elsewhere.

The sale to Total will also spare Faroe from having to pay a share of the costs of bringing Glenlivet onstream.

"Faroe's timely transaction will release significant capital for investment in Faroe's high-impact exploration and appraisal portfolio," said its chief executive, Graham Stewart.

The acquisition will provide Total with additional resources in an area where it has become a major player.

Total is one of a number of oil and gas giants that are developing big new fields in the relatively under-explored waters off Shetland.

The firm is leading on the £2.5bn development of the giant Laggan and Tormore gas fields around 75 miles north west of Shetland, which it expects to bring onstream this year.

Total expects Laggan Tormore to add an estimated 100,000 barrels of oil equivalent per day of gas to UK production, and says the development could help transform the economics of other finds in the area.

It believes the pipelines and infrastructure installed for Laggan Tormore could be used to help develop a range of so-called stranded assets off Shetland.

Glenlivet lies only 10 miles from the Laggan Tormore pipeline and could be tied into that link.

In July Total bought 60 per cent of Glenlivet for an undisclosed sum from Denmark's Dong, which retains a 20 per cent holding.

The same month Total gave the go-ahead to the £340m development of the Edradour gas field west of Shetland after squeezing concessions out of contractors to improve returns on its investment.

Edradour will be tied into the Laggan Tormore facilities.

Faroe remains a big investor in the West of Shetland area, where it sees scope for oil and gas firms to make large finds.

This article has been extracted from http://www.heraldscotland.com/, please click on this link to read the article in full http://www.heraldscotland.com/business/company-news/total-acquires-further-stake-in-gas-discovery.25402136

Montash is a multi-award winning, global technology recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmduvmjmvmtmvmjavmjkvndg3l3nodxr0zxjzdg9ja180mtqwnti1mdeuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Their Shoes... Matthew Gilbranch, Managing C...

2017-05-23 15:00:00 +0100

Matthew Gilbranch (32) is a managing consultant here at Montash, managing the SAP team. With 7 years in the global recruitment industry, he loves helping people and building lasting relationships with clients and candidates alike. He took the time to talk to us about what a typical day is like in the global IT recruitment industry. "I get up at 6 and I'm out of the house by half 6 and on the train by twenty to 7. On the train I tend to have a power nap ...

W1siziisijiwmtcvmduvmdqvmtyvndavmzkvotg5l3nodxr0zxjzdg9ja181ndm0mduxmtuuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

7 Things About Your CV You Need To Fix Right ...

2017-05-04 18:00:00 +0100

As a global technology recruitment agency, we are in touch with candidates day in and day out. We've seen all kinds of CVs in our time and know a good one when we see it. As our recruitment team look to find the ideal candidate, they are looking for CVs that show how candidates can impact their clients in a positive way, not just look flashy on paper. You only have a small amount of space on your CV to show off your skills, so make every word count. Cut...