French major Total is reportedly looking to sell its 27.5% stake in the Shearwater Elgin Area Line (SEAL) natural gas pipeline in the UK North Sea.
The system transports gas from the Shearwater and Elgin Franklin platforms to the Bacton Gas Terminal on the Norfolk coast, and subsequently onto the adjacent Transco and IUK transmission facilities.
The 34-inch diameter line in the Central North Sea has the capacity to export 35 thousand cubic meters per day of gas. It’s operated by Shell, Kallanish Energy notes.
According to reports citing unnamed industry sources, Total has been discussing directly with “several” interested parties in recent weeks. The French producer could raise as much as $200 million for the stake, the sources said.
Total didn’t comment on the matter. The company is the No. 1 gas producer in the UK, pumping around 18% of the country’s gas production, according to its website.
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