Total closes $7.45-bln Maersk Oil deal

Total has completed its USD 7.45-billion acquisition of Maersk Oil, which was initially agreed in August 2017, the super-major announced on Thursday.

The deal, which turns Total into the second-largest North Sea operator, brings in about 1 billion boe of 2P/2C reserves and will add output of 160,000 boepd this year, expected to increase to over 200,000 boepd by the early 2020s.

“This major acquisition is a success on many levels,” said Patrick Pouyanné, Total’s chairman and CEO.

“First, it illustrates our strategy to build on our strengths and grow our presence in Total’s core areas, like the North Sea, to strengthen our leadership there. Second, it brings high-quality and low-breakeven assets, enhancing our worldwide portfolio. Third, the strong overlap between Maersk Oil and the Group’s assets will generate more than USD 400 million of synergies per year.”