Business

West of Shetland gas portfolio bought by London-based firm

A business founded by a leading North Sea oil and gas entrepreneur is buying stakes in a group of huge fields West of Shetland from French giant TotalEnergies in a deal worth an initial $125 million (£92.5m).

Kistos has agreed to buy 20 per cent interests in four producing gas fields, including Laggan and Tormore, from TotalEnergies.

The portfolio also includes an interest in the Glendronach find, which generated excitement in the industry when it was made in 2018.

Kistos is led by Andrew Austin who sold the North-Sea focused RockRose Energy business for £250m to Viaro Energy in 2020.  

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