A portion of the proceeds is deferred until the submission of the field development plan, and certain production targets are met. The sale has an effective date of Jan. 1, 2014.
Glenlivet is planned for development in conjunction with the Edradour field as part of the wider west of Shetlands Laggan and Tormore gas development, sanctioned in 2010 and operated by Total. The company also operates Edradour and recently acquired a 60% interest in Glenlivet along with operatorship from DONG E&P UK Ltd.
Glenlivet field is in the Faroe Shetland basin in water depths of around 1,640 ft (500 m), about 22 mi (35 km) northeast of the Laggan gas field and 12 mi (19 km) north of the Edradour gas discovery.