Middle East

Kistos gets 20% of Greater Laggan Area Offshore Assets from TotalEnergies

Oil and gas company Kistos will produce UK offshore gas fields and related infrastructure from TotalEnergies in the Greater Laggan Area, along with various interests in other specific exploration licenses, including a 25% interest in Benriach’s outlook. Acquired a 20% stake.

Completion of acquisition, First announced in JanuaryIndicates that Kistos has entered the British Continental Shelf (“UKCS”), adding approximately 6,000 boe / d (net) to Kistos production in 2022 and increasing 2P reserves by 6.2MM boe.

“This will significantly increase the total production base of Kistos to about 12,000 boe / d,” the company said.

In January, Kistos said it would pay a solid $ 125 million in consideration and two accidental payments. The first is up to $ 40 million depending on the 2022 gas price, and the second is an exploration license.

Kistos has acquired a 20% stake in production Laggan, Tormore, Edradour, Glenlivet A gas field located off the coast of England, west of the Shetland Islands.Acquisition includes an undeveloped 20% stake Glendronak Gas field. Glendronackfield was discovered in 2018 and is expected to leverage existing infrastructure for development, with final investment decisions scheduled for later this year.

The acquisition also includes a 25% stake in Block 206 / 4a, including 638Bcf (Operator’s P50 Resource Estimate). Ben Liach Prospect.

According to Kistos, emissions from production operations in the Greater Lagan area are projected to be approximately 13 kg CO.22022 e / boe, “This is well below the North Sea average of 22kgCO.2Estimated by e / boe, NSTA’s “UKCS Natural Gas Carbon Footprint Analysis on May 26, 2020”.

Glendronak Developed through a single production well. The net cost of the project is estimated at around £ 20m, and Kistos’ share of this spending is expected to be subject to a super deduction from EnergyProfitsLevy in the United Kingdom.

Andrew Austin, Chairman KistosSaid: “We look forward to working with TotalEnergies and our partners within GLA. Adding GLA interests to our portfolio is a key step in expanding and diversifying our production asset base at one of the UK’s largest gas hubs. These assets offer investors the potential for significant upsides from the Glendronach development project and the highly promising Benriach exploration target, as daily production will increase significantly immediately. The progress of the two projects is expected to meet the recently implemented EnergyProfitsLevy investment criteria in the United Kingdom. “

In January, TotalEnergies E & P UK Limited said it would own 40% of the Laggan, Tormore, Glenlivet, Edradour and Glendronach oil fields (including infield facilities and onshore Shetland gas plants) after the transaction was completed. It was broken. Partners Kistos Energy Limited (20%), Ineos E & P UK Limited (20%), RockRose UKCS15 Limited (20%).

Kistos holds the following benefits within GLA:

license

block

interest

partner

P.911

206 / 1a

20%

TotalEnergies E & P UK *

Kistos plc

Ineos E & P (UK)

RockRose UKCS15

P.1159

205 / 5a and 205 / 5d

20%

TotalEnergies E & P UK *

Kistos plc *

Ineos E & P (UK)

RockRose UKCS15

P.1195

214 / 30a Glenlivet area and rest of the block

20%

TotalEnergies E & P UK *

Kistos plc

Ineos E & P (UK)

RockRose UKCS15

P.1453

206 / 4a Remaining Blocks-Excluding Benriach Area

20%

TotalEnergies E & P UK *

Kistos plc

Ineos E & P (UK)

RockRose UKCS15

P.1453

206 / 4a Benriach area

twenty five%

TotalEnergies E & P UK *

Kistos plc

RockRose UKCS15

P.1678

205 / 4b

20%

TotalEnergies E & P UK *

Kistos plc

Ineos E & P (UK)

RockRose UKCS15

P.2411

214 / 30d and 206 / 5c

twenty five%

TotalEnergies E & P UK *

Kistos plc

RockRose UKCS15

P.2415

208 / 1c, 208/6, 214 / 4b, 214 / 5c, 214 / 9b, 214 / 10b, 214 / 14a

20%

TotalEnergies E & P UK *

CNOOC Petroleum Europe

Kistos plc

P.2594

214 / 28b, 214 / 29b, 214 / 30e, 206/3, 206 / 4b, 206 / 8b

20%

TotalEnergies E & P UK *

Ineos E & P (UK)

Kistos plc

P.2604

214 / 12a, 214 / 13a, 214 / 14b, 214/17, 214 / 18a, 214 / 19a

14%

TotalEnergies E & P UK *

Kistos plc

Shell UK

https://www.oedigital.com/news/497995-kistos-acquires-20-in-greater-laggan-area-offshore-assets-from-totalenergies Kistos gets 20% of Greater Laggan Area Offshore Assets from TotalEnergies

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