Total expands presence on Danish Shelf through Chevron Denmark takeover

Tyra East; Source: Maersk GroupTyra East; Source: Maersk Group

French oil company Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline.

The acquisition will increase Total’s operated share of DUC from 31.2% to 43.2%, Total said on Tuesday. Other partners of the consortium are Shell (36.8%) and Nordsofonden (20%, owned by the Danish State).

“Following the completion of the Maersk Oil acquisition, this deal is a great opportunity to further expand our presence on the Danish Shelf and increase our interest in an asset operated by Total. We will further benefit from the ongoing redevelopment of the Tyra field,” explains Michael Borrell, Senior Vice President, North Sea and Russia.

To remind, Total in March this year completed the acquisition of Maersk Oil.

Maersk Oil’s key assets in the North Sea included a 8.44% of the giant Johan Sverdrup oil field, Norway; a 49.99% of the Culzean gas field, U.K.; a 31.2% of the Tyra producing gas field, Denmark.

”This new transaction demonstrates our commitment to the development of the DUC and to the expansion of Total’s presence in Denmark,” Borrell added.

The consortium, which started production in 1972, currently operates 15 fields, all located in the Central Graben sector of the North Sea. It covers nearly 90% of the Danish oil and gas production. In 2017 the production averaged 182,000 barrels of oil equivalent per day (boe/d).

The start-up of the Tyra gas field after redevelopment, sanctioned by the DUC partners in December 2017, is planned in 2022. It will enable a production capacity of 60,000 boe/d.

Total noted that the transaction remains subject to approval of partners and the relevant authorities.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OPITO Global – The Safety and Competence Conference

OPITO Global – The Safety and Competence Conference, is the only international event focused on debating…

read more >

Offshore Energy Exhibition & Conference 2018

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event. It is unique in bringing together the oil & gas…

read more >

Ocean Energy Europe Conference & Exhibition 2018

The annual Ocean Energy Europe Conference & Exhibition is the meeting point for the whole ocean energy sector…

read more >

Africa Oil Week 2018

The event brings together governments, national oil companies, investors, corporate players, independents and financiers – giving them…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply