Total sells UK midstream assets

After the sudden drop in oil prices last year, Total is cutting costs to raise funds

After the completion of the sale, Total will pay the new owner to transport its offshore production. Like its peers, Total is cutting costs, selling off what assets it can and generally retrenching in an effort to weather last year’s sudden drop in the oil price. This year it aims to raise $5bn from disposals. The Frigg gas field has been decommissioned but the 362-km, 32-in pipeline continues to deliver gas from over 20 fields to St Fergus, where Total’s three-train terminal has the capacity to process 2.648bn cf/day. SIRGE is a 234-km long, 30-in pipeline that will be able to deliver 656m cf/d from the Laggan-Tormore project which is due to start up soon. SIRGE runs from the Shetland gas p