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The Danish Energy Agency has approved the sale of its subsidiary, Danish exploration and production company Maersk Oil & Gas, to global oil giant Total for $7.
45 billion
.
Under the agreement signed in August 2017, Total will acquire Maersk Oil & Gas
with minimum prerequisites for the Danish conglomerate A.
P.
Møller-Maersk.
"The terms of the transfer approved by the Danish Energy Agency include sub-liability
for the decommissioning of existing Danish offshore installations corresponding to the 31.
2% stake held by Maersk Oil & Gas in relation to the Danish Underground Consortium," the Danish Energy Agency said in a statement.
”
Under the terms of the agreement, A.
P.
Møller-Maersk will be entitled to acquire a total stake worth $4.
95 billion, while Total will also assume $2.
5 billion in Maersk Oil & Gas debt
.
Total said earlier that the acquisition would help strengthen its existing North Sea offshore production operations in the UK and Norway and make it the second-largest offshore oil operator
in northwest Europe.
Total will also acquire operating rights to Maersk Oil and 31.
2% ownership of Danish DUC production assets, thus establishing a new production center
.
In addition, Maersk Oil & Gas has significant operations in the UK and Norway with 9 licenses in Norway, including an 8.
44% stake
in Johannes Sverdrup.
The sale of Maersk Oil & Gas assets is part of the transformation of the Maersk Group, which plans to divest its oil and oil-related activities with the aim of creating an integrated transport and logistics company
.
Maersk Group said Maersk Oil & Gas is the first
of four energy companies identified for future structural solutions.
The company plans to announce the formation of three other energy solution providers
for Maersk Drilling, Maersk Supply Service and Maersk Tankers by the end of 2018.
The Danish Energy Agency has approved the sale of its subsidiary, Danish exploration and production company Maersk Oil & Gas, to global oil giant Total for $7.
45 billion
.
Under the agreement signed in August 2017, Total will acquire Maersk Oil & Gas
with minimum prerequisites for the Danish conglomerate A.
P.
Møller-Maersk.
"The terms of the transfer approved by the Danish Energy Agency include sub-liability
for the decommissioning of existing Danish offshore installations corresponding to the 31.
2% stake held by Maersk Oil & Gas in relation to the Danish Underground Consortium," the Danish Energy Agency said in a statement.
”
Under the terms of the agreement, A.
P.
Møller-Maersk will be entitled to acquire a total stake worth $4.
95 billion, while Total will also assume $2.
5 billion in Maersk Oil & Gas debt
.
Total said earlier that the acquisition would help strengthen its existing North Sea offshore production operations in the UK and Norway and make it the second-largest offshore oil operator
in northwest Europe.
Total will also acquire operating rights to Maersk Oil and 31.
2% ownership of Danish DUC production assets, thus establishing a new production center
.
In addition, Maersk Oil & Gas has significant operations in the UK and Norway with 9 licenses in Norway, including an 8.
44% stake
in Johannes Sverdrup.
The sale of Maersk Oil & Gas assets is part of the transformation of the Maersk Group, which plans to divest its oil and oil-related activities with the aim of creating an integrated transport and logistics company
.
Maersk Group said Maersk Oil & Gas is the first
of four energy companies identified for future structural solutions.
The company plans to announce the formation of three other energy solution providers
for Maersk Drilling, Maersk Supply Service and Maersk Tankers by the end of 2018.
