CERAWeek: Total CEO reveals Maersk Oil acquisition date

French oil major Total is set to complete its acquisition of Denmark’s Maersk Oil later this week.

As reported last week, the Danish Energy Agency approved A.P. Moller – Maersk’s sale of Maersk Oil to  Total, including the conditions for such a transfer.

As part of the agreement, it was reported that  Total would take over Maersk Oil’s organization, portfolio, obligations and rights with minimal pre-conditions during the first quarter of 2018.

Speaking at the IHS CERAWeek  conference in Houston on Monday, Total CEO Patrick Pouyanné said that thanks to the acquisition, Total would become “an operation of 500.000 barrels per day in the North Sea.”

He said the acquisition was expected to close on March 8 this week.

The agreement to sell Maersk Oil to Total was announced on August 21, 2017, subject to regulatory approval from relevant authorities. The value of the deal was estimated at $7.45 billion.

Once completed, the deal will make Total the second largest operator in the NW Europe offshore region which is the 7th largest oil and gas producing region globally.

Offshore Energy Today Staff