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2017-12-04 22:50:00

MAERSK GAS INVESTMENT $3.4 BLN

MAERSK GAS INVESTMENT $3.4 BLN

PE - Danish conglomerate AP Moller-Maersk said Friday it will invest 21 billion kroner ($3.4 billion) together with British-Dutch oil producer Shell, among others, to redevelop and extend the production life cycle of Denmark's largest gas field in the North Sea.

Maersk, whose oil company is being taken over by France's Total, said the investment will extend production at the Tyra field, which was slated to close this year, for at least 25 years.

The group said the Tyra fields, which have supplied 90 percent of Denmark's gas, could under the redevelopment provide enough gas for 1.5 million Danish homes "at peak production."

Maersk, which is based in Copenhagen, Denmark and also operates the world's largest container shipping business, estimates that the redevelopment of Tyra will yield more than 200 million barrels of oil equivalent. Approximately two thirds of the production is expected to be gas, with the rest oil.

Maersk operates the Tyra field on behalf of the Danish Underground Consortium, a partnership with Shell, the Danish state and Chevron Corp. based in San Ramon, California. In August, France's Total agreed to buy the Maersk Oil unit for $7.45 billion in a deal expected to be completed during the first quarter of 2018.

"The redevelopment of Tyra is the largest investment carried out in the Danish North Sea," Maersk Oil's CEO, Gretchen Watkins, said in a statement. He said the field will be shut for redevelopment in November 2019, and production is expected to resume in July 2022.

With the deal, Total will become the No. 2 operator in the North Sea and Denmark will become the regional hub for all its operations in Denmark, Norway and the Netherlands.

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Earlier:

MAERSK-AKER-HALLIBURTON ALLIANCE
2017, November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

 
 TOTAL - MAERSK DEAL: $7.45 BLN
2017, August, 24, 13:40:00

TOTAL - MAERSK DEAL: $7.45 BLN

French oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk's oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea.

 

 MAERSK LOSS $1.9 BLN
2017, February, 9, 18:35:00

MAERSK LOSS $1.9 BLN

Maersk delivered an unsatisfactory loss of USD 1.9bn (profit of USD 925m) negatively impacted by post-tax impairments of USD 2.8bn (USD 2.6bn) primarily relating to Maersk Drilling of USD 1.4bn (USD 27m) and Maersk Supply Service of USD 1.2bn (USD 0m). In line with the latest guidance provided in November, the under lying profit came at USD 711m (USD 3.1bn). The return on invested capital (ROIC) was negative 2.7% (positive 2.9%). The free cash flow was negative USD 29m (positive USD 6.6bn including the sale of shares in Danske Bank of USD 4.9bn).

 

 MAERSK CUTTING U.S. JOBS
2016, August, 3, 18:35:00

MAERSK CUTTING U.S. JOBS

Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant

 

 MAERSK OIL CUTS 12%
2015, October, 27, 18:55:00

MAERSK OIL CUTS 12%

Maersk Oil has announced its intention to implement workforce reductions amounting to 10-12% of roles across its business.

 

 THE LARGEST UK GAS
2015, September, 1, 18:35:00

THE LARGEST UK GAS

The offshore development of the largest new field discovered in the UK North Sea for a decade has been approved by the UK Oil & Gas Authority. The Maersk Oil operated high pressure, high temperature (HPHT) Culzean field in the UK Central North Sea is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21. Culzean is also the largest gas field sanctioned since East Brae in 1990.

 

 MAERSK WRITEDOWN BRAZIL $1.7 BLN
2014, July, 9, 18:20:00

MAERSK WRITEDOWN BRAZIL $1.7 BLN

Maersk plans $1.7 bn Brazil writedown, sells field stake

 

 

Tags: MAERSK, GAS, INVESTMENT, TOTAL, SHELL