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SSE to sell North Sea gas production assets

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SSE to sell North Sea gas production assets

U.K.-based SSE PLC is selling its 140 MMcf/d portfolio of gas production assets in the North Sea — which are valued at about $1 billion.

The portfolio includes a 20% interest in the Total SA-operated Greater Laggan area in the West of Shetland, including the Shetland Gas Plant, and the Bacton Catchment area in the southern North Sea, Reuters reported Aug. 30, citing a sale document.

The assets also include about 30 million boe in reserves and the potential for further reserves growth in the Glendronach prospect in the Greater Laggan area. Total expects approximately 1 trillion cubic feet of recoverable resources in the area.

Bank of America Merrill Lynch serves as an adviser on the deal, Reuters said.

"SSE will only complete a sale of its equity interests when it is in the interests of shareholders and other stakeholders to do so," SSE is reported to have said.