French oil giant Total is to sell a significant stake in one of its key North Sea projects, according to reports.
The oil major plans to sell off 20% of the Laggan-Tormore deep-water gas project, the FT reports.
It comes after earlier reports, last month, suggested Total’s entire interest in the project could be sold.
Laggan-Tormore is due to come online later this year. The technically challenging field, part of which was discovered in the 1980s, is located in the remote West of Shetland area of the North Sea' it will use ocean floor facilities and features one of the world’s longest ‘tie-back’ connections.
North Sea investments have been somewhat sparse amid falling crude prices, and as the sector feels the pinch the industry has appealed to the UK government for support.
It is anticipated that Wednesday’s budget may feature tax breaks for the offshore oil industry.