Total has reached an agreement with A.P. Møller – Mærsk on Total acquiring A.P. Møller – Mærsk's fully-owned exploration and production (E&P) subsidiary Maersk Oil & Gas, for US$7.45bn in a share and debt transaction.
Under the terms of the agreement, Total will offer A.P. Møller – Mærsk US$4.95bn in Total shares and will assume US$2.5bn of Mærsk Oil’s debt. The transaction, which is subject to the approval of regulatory authorities, has an effective date of 1st July 2017 and is expected to close in first quarter 2018.
The transaction will add around 1 Gboe of 2P/2C reserves, 85% of which are in OECD countries (more than 80% in the North Sea) and 160 kboe/d of hydrocarbon production (mainly liquids) to Total's operations. More specifically, Mærsk Oil will bring the British gas field Culzean (49.99% Working Interest and operatorship), close to the Elgin-Franklin hub operated by Total, and its stake in the giant Johan Sverdrup oil development (8.44% Working Interest) in Norway will bolster Total’s production profile in these countries. The transaction will also add a new production hub with Maersk Oil’s operatorship and 31.2% ownership of the DUC producing assets in Denmark with net production in 2018 estimated at around 60 kboe/d. Total will then become the second largest operator in the north-western Europe offshore region: post completion, Total will operate over 500 kboe/d (gross) production in this region.
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