Maersk Oil Relinquishes Elly Area in Danish North Sea

Denmark’s Maersk Oil has, in agreement with the partners, decided to relinquish the Elly area from the Sole Concession and relinquish License 8/06, Area A in the Danish North Sea.

“The decision is based on careful analysis and evaluation, both technical and commercial, and follows the communication made in Q2 2013 on reconsidering the project’s economic viability. A.P. Moller – Maersk has assessed that more value can be created by investing resources in other projects with less associated risk such as the USD 800 million Tyra Southeast extension announced in April 2013,” said the Company in a statement.

A.P. Moller – Maersk and partners have decided to return the two areas prior to the 7^th licence round.

The Elly-Luke accumulations are High Pressure High Temperature gas with high CO2 content.

Partners in License 8/06, Area A, are Shell (43.3%), A.P. Moller – Maersk (36.7%) and Nordsøfonden (20%) and in the Sole Concession A.P. Moller – Maersk (31.2%), Shell (36.8%),Nordsøfonden (20%) and Chevron (12%). Maersk Oil is operator of both the Sole Concession and License 8/06, Area A.

[mappress]
November 15, 2013