TotalEnergies SE (NYSE:TTE) agreed to sell its West of Shetland assets, including several fields, the Shetland Gas Plant, and exploration licenses, to The Prax Group, pending regulatory approval.

These mature assets produce approximately 7,500 barrels of oil equivalent per day, about 90% being gas.

The transaction includes transferring relevant employees from TotalEnergies to Prax by applicable laws.

Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production, at TotalEnergies said, "This transaction is in line with TotalEnergies' strategy to continuously adapt its portfolio by divesting mature non-core assets. TotalEnergies remains committed to the UK through both its upstream portfolio in the North Sea (Elgin-Franklin, Culzean and Alwyn fields) and its Integrated Power and Renewables portfolio."

Yesterday, TotalEnergies company inked an agreement to acquire a 60% stake and operational control of Block STP02 from the Agência Nacional do Petroléo de S. Tomé e Principé (ANP-STP).

Investors can gain exposure to TTE via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).

Also Read: TotalEnergies Drills Deeper into Africa, Secures Stake In Promising São Tomé Block

Price Action: TTE shares are up 0.22% at $66.37 at the last check on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.