(Alliance News) - Kistos Holdings PLC on Tuesday said it expects the Shetland gas plant facility to reopen in the next two weeks following a system failure.
TotalEnergies SE, the plant's operator, continues to investigate the cause of the heating medium system failure, and has also stated work to replace the damaged section, Kistos said.
This comes after TotalEnergies shut down the plant last week after an element of the heating system failed, which resulted in the release of steam. The operator said all members of staff had been accounted for.
Kistos Holdings is a London-based low carbon intensity hydrocarbon producer seeking assets "with a role to play in the energy transition". It is also a joint venture partner in the Greater Laggan Area and co-owner of the Shetland gas plant. TotalEnergies is a Paris-based oil major, which operates the plant.
Kistos added that it remains in contact with TotalEnergies.
It also confirmed that its average production in 2023 is expected to be within the previously guided range of 8,500 barrels of oil equivalent per day to 10,500.
Shares in Kistos were up 2.8% at 181.00 pence each in London on Tuesday morning, while TotalEnergies shares were up 0.6% at EUR62.36 each in Paris.
By Sabrina Penty, Alliance News reporter
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Kistos Holdings (KIST)