Total Closes Maersk Deal

Total’s $7.5bn acquisition of Denmark’s Maersk closed on 8 March, barely six months after the plan was announced ( MEES, 25 August 2017 ). Maersk’s net output fell to around 160,000 boe/d for the second half of 2017 after the company handed over its largest asset, Qatar’s 300,000 b/d Al-Shaheen field, to Total in July ( MEES, 28 July 2017 ). The firm’s portfolio was a mixture of oil and gas plays.

Total says the deal makes it the second largest North Sea producer, where its net production will hit 500,000 boe/d by 2020. Major Maersk-legacy projects include the 440,000 b/d Phase 1 Johan Sverdrup (8.44%) in Norway, and the 400-500mn cfd Culzean gas field (49.99%) in the UK, both slated for 2019 start-up. (CONTINUED - 179 WORDS)