Scottish & Southern Energy buys $1.43bn gas assets

A UK utility has committed to spend the money on upstream gas assets

A UK utility, Scottish & Southern Energy, has committed to spend some £915m ($1.43bn) on upstream gas assets, with the purchase of a 20% stake in a parcel of West of Shetland assets from Total. Collectively known as the Greater Laggan Area, the deal includes four gas fields - Laggan, Tormore, Edradour and Glenlivet -- and surrounding exploration acreage some 125km north west of the Shetland Islands. SSE is also buying a 20% interest in the new Shetland gas plant. The French major will continue as operator of the assets with 60% and Danish Dong has the remaining 20%. It has set itself the goal of raising $5bn from disposals this year. The deal consists of £565m for the assets as of 1 Janu