Maersk Oil

Maersk Oil (Danish: Mærsk Olie og Gas A/S) was a Danish oil and gas company owned by the A. P. Moller-Maersk Group.[6] with a maximum operated production of 550,000 barrels of oil equivalent per day. Production came from Denmark, the UK, Qatar, Kazakhstan, the US Gulf of Mexico, Algeria and Brazil. The company had exploration activities in Angola, Norway, Greenland, Kurdistan Region of Iraq and in the producing countries.

Maersk Oil
Native name
Mærsk Olie og Gas A/S
FormerlyDansk Boreselskab
TypePrivate
IndustryOil and Gas
FoundedCopenhagen, Denmark 1962 (1962)
Founders
HeadquartersEsplanaden 50,
Copenhagen
,
Denmark
Number of locations
  • Angola
  • Greenland
  • Denmark
  • Algeria
  • Kazakhstan
  • United Kingdom
  • United States
  • Norway
  • Brazil
  • Kenya
  • Ethiopia
  • Kurdistan Region of Iraq
Area served
Worldwide
Key people
  • Jakob Bo Thomasen (CEO)
  • Graham Talbot (CFO)
  • Gretchen Watkins (COO)
Production output
550,000 of BOE (2015)
Services
Revenue
  • DecreaseUS$5,639 million (2015)
  • US$8,737 million (2014)
  • DecreaseUS$435 million (2015)
  • US$1,035 million (2014)
Total assets
  • Decrease US$8.681 million (2015)
  • US$10,792 million (2014)
Number of employees
  • 2,800 (2017)
  • 4.400 (2015)
  • 4,400 (2014)
ParentTotalEnergies
Footnotes / references
[1][2][3][4][5]

History

The company was established in 1962 when Maersk Group was awarded a concession for oil and gas exploration and production in the Danish sector of the North Sea. In 1986, Maersk Oil took over the operation of the Dansk Undergrunds Consortium's fields in the Danish section of the North Sea.[6]

On 31 August 2015 the UK Oil And Gas Authority approved a consortium headed by Maersk Oil going ahead with production at the Culzean oil and gas field about 150 miles southeast of Aberdeen, Scotland in the North Sea.[7] The high pressure, high temperature field holds the equivalent of about 300 million barrels of oil and, when it reaches peak production in 2020 or 2021, is expected to produce enough gas to meet 5% of the UK's needs. Maersk Oil said that it and its other consortium partners, JX Nippon and BP (Britoil) would invest about £3 billion (about $4.5 billion) in the field's development.[8]

On 21 August 2017 A.P. Møller – Mærsk A/S announced the signing of an agreement to sell Mærsk Olie og Gas A/S to TotalEnergies for US$7.45 billion in a combined share and debt transaction.[9] The transaction was subject to regulatory and competition approval and was closed on 8 March 2018,[10] when Maersk Oil became a part of Total.

On 20 September 2017 A.P. Moeller-Maersk A/S agreed to sell its tankers unit to the A.P. Moller Holding A/S subsidiary APMH Invest A/S, which was the controlling shareholder of A.P. Moller-Maersk. Maersk had owned the tanker business since 1928, which at the time of the sale, had a fleet of 161 vessels to transport refined oil products.[11]

See also

References
  1. "The Maersk Group – Annual Report 2015" (PDF). Retrieved 14 February 2016.
  2. "Maersk Oil Company Profile 2014" (PDF). Retrieved 14 February 2016.
  3. "Maersk Oil Fact Sheet". Retrieved 14 February 2016.
  4. "History of Maersk Oil". Archived from the original on 23 February 2016. Retrieved 14 February 2016.
  5. "Maersk Annual Magazine 2015" (PDF). Retrieved 16 February 2016.
  6. Hahn-Pedersen, Morten (1999). A.P. Møller and the Danish oil. Schultz Forlag. p. 217. ISBN 978-87-609-0465-3.
  7. Production approved for Maersk Oil's Culzean gas field, BBC News, 31 August 2015. Accessed 1 September 2015.
  8. Largest field discovered in UK North Sea for 10 years approved for development Press release at Maersk Oil corporate website, 31 August 2015 Archived 31 December 2016 at the Wayback Machine. Accessed 1 September 2015.
  9. Total S.A. to acquire Mærsk Olie og Gas A/S, Maersk, August 21, 2017
  10. A.P. Moller – Maersk has today completed the sale of Maersk Oil to Total, Maersk, March 8, 2018
  11. Chopping, Dominic; Paris, Costas. "Maersk to Sell Tankers Business for $1.17 Billion". Wall Street Journal. New York City, New York, United States. Retrieved September 21, 2017.
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