Total becomes the second biggest producer in the North Sea
With the acquisition of Maersk Oil, French oil major Total has strengthen its leadership among North Sea operators.
Total has announced on Thursday its $7.5 billion purchase of Denmark’s Maersk Oil and Gas acquisition, signed on Aug. 21, 2017. The accession of Maersk first announced in August last year, brings 160,000 b/d of oil equivalent production to Total this year and renews its North Sea portfolio with some big new projects. Thanks to this deal now Total has reinforced its existing leading positions in the U.K. and in Norway. The french group is therefore now a strong precence in Denmark too, making Total the second-largest operator in the North Sea with an output of 500,000 boed by 2020.
“This major acquisition is a success on many levels,” said Patrick Pouyanné, Chairman and CEO of Total. “First, it illustrates our strategy to build on our strengths and grow our presence in Total’s core areas, like the North Sea, to strengthen our leadership there. Second, it brings high-quality and low-breakeven assets, enhancing our worldwide portfolio. Third, the strong overlap between Maersk Oil and the Group’s assets will generate more than $400 million of synergies per year.”
“We are committed to preserve and further develop Maersk Oil’s heritage by relying on the strong competencies of its teams. Our regional hub for North Sea activities is now headquartered in Copenhagen. Moreover, we welcome a major new shareholder — A.P. Moller-Maersk — which will hold 3.70% of the Group’s capital,” he added.
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