From the Field
Total to buy Chevron’s Danish arm
PARIS, September 26, 2018 – Total has agreed to purchase Chevron’s Denmark subsidiary for an undisclosed amount, the French super-major announced on Tuesday.
Chevron’s Danish assets include a 12% stake in the Danish Underground Consortium, a 12% stake in Licence 8/06 and a 7.5% stake in the Tyra West pipeline, the company statement added. The deal, which will see Total increase its operated stake in the Danish Underground Consortium to 43.2%, is subject to regulatory approvals.
“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,” said Michael Borrell, Total’s senior vice-president for the North Sea and Russia. “We will further benefit from the ongoing redevelopment of the Tyra field.”