Total buys Maersk's oil business in $7.45bn deal

Cabinets From Both UK And Scottish Governments Meet In North East Scotland

Cabinets From Both UK And Scottish Governments Meet In North East Scotland

Total expects its new acquisition of Maersk's oil & gas business will deliver some US$400mln of synergies, largely thanks to the combination of the respective North Sea operations.

Maersk Oil began operations in 1962 when A P Møller-Maersk won the right to drill for oil in North Sea, and in 1975 the company was given the right to develop oil fields in Denmark. It will add output of about 160,000 barrels a day of oil equivalent to the French group next year, rising to 200,000 a day by 2020.

Total will maintain Maersk Oil's strong position in the North Sea with Copenhagen and Esbjerg bases and with Denmark being the operating hub for Total's combined operations in Denmark, Norway and the Netherlands.

EOR is a technique that is widely used to maximise production, with the Abu Dhabi National Oil Company looking for its partners to use EOR techniques to help reach its target of 3.5 million barrels per day by the end of next year.

Total has proved more resilient than many other oil companies following the price slump that struck the industry from 2014, cutting costs faster and earlier, which is now allowing it to invest in new projects. Altogether, the Maersk Group has received shares for United States dollars 4.95 billion in the French oil company, corresponding to a 3.76 percent ownership share.

President's Address to the Nation on the eve of Independence Day
Chief Minister Nitish Kumar has been undertaking aerial surveys of the flood-affected districts for the last three days. The river is already flowing near the danger level from Gandhi Ghat in Patna to Bhagalpur and Katihar.

Total is pleased to announce that the Boards of Total and A.P. Møller – Mærsk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S, by Total in a share and debt transaction.

"Companies [are] managing the effects of lower oil prices by reducing their portfolios or seeking economies of scale", says the Financial Times.

The deal may yet be the Maersk's biggest single transaction yet in the first steps to break itself up.

Total will issue to A.P. Moller–Maersk 97.5 million shares, based on the average Total share price on the 20 business days prior to August 21. Total would also assume $2.5 billion in debt as part of the transaction. The transaction is expected to close during the first quarter of 2018 and has an effective date of July 1, 2017.

"Total is acquiring a deep specialist in unlocking complex reservoirs and boosting recovery factors through enhanced oil recovery techniques", Dr Kretzschmar said.

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