Total chief financial officer Patrick de La ChevardiÃ¨re said: “The sale of these midstream transportation assets is another example of Total’s strategy of active portfolio management and the strong potential to unlock value from a range of infrastructure assets.
“Transferring ownership to an entity specialising in midstream UK assets creates value for us and ensures a long and bright future for the facilities.”
The Frigg UK Pipeline (FUKA) is a 362km pipeline connecting the Frigg on the UK-Norway median line to the St Fergus Gas Terminal in Scotland.
The Frigg field is now decommissioned but the FUKA pipeline is still operational, delivering gas from 20 fields in the northern North Sea.
The St. Fergus Gas Terminal is a three-train processing plant with a capacity of 2,648 million cubic feet of gas per day (Mmscf/d), currently serving over 20 fields. Total holds a 100% operated interest in the terminal.
The Shetland Island Regional Gas Export System (SIRGE) is a 234-kilometer, 30â€ gas pipeline with a capacity of 665 Mmscf/d connecting the Shetland Gas Plant to the FUKA pipeline. Total holds a 67% operated interest in the SIRGE pipeline alongside Dong E&P (UK) Limited (18.3%), Chevron North Sea Limited (7.2%) and OMV (UK) Limited (7.5%).
Following the completion of the sale, North Sea Midstream Partners will have an agreement with px Group for the operation and maintenance of the assets.