Total is paying $7.5bn to take over the oil unit of Denmark’s Maersk, the companies announced 21 August. Following the loss of operatorship of Qatar’s 300,000 b/d Al Shaheen on 13 July, Maersk Oil has 160,000 boe/d of “mainly liquids production” concentrated on the North Sea. It operates Denmark’s DUC fields with 60,000 boe/d net output, and also has UK and Norway assets. Total is moving its North Sea HQ to Copenhagen as part of the deal.

Post-Al Shaheen, Maersk’s key Mena interest is minority stakes averaging around 10% in three giant fields in Algeria’s Berkine Basin: Anadarko-operated El Merk and HBNS, and Cepsa-operated Ourhoud. Gross output was 358,000 b/d in Q2; El Merk with 146,000 b/d was the largest contributor. Maersk’s net share was 36,000 b/d. Total owned 50% of Cepsa until 2011 but the firm’s current Algerian output comes from 35% of the 700mn cfd Tin Fouye Tabankort (TFT) wet gas field to the south of the Berkine Basin. The Maersk purchase makes Total the second largest foreign producer in Algeria (after Eni), “further strengthening [our] Algerian base after [April’s] global partnership agreement with Sonatrach,” Total says. Maersk also has 18% of the KRG’s 8,000 b/d Sarsang field, operated by minnow HKN. (CONTINUED - 278 WORDS)