Total acquires shares in the Danish Underground Consortium

Total acquires shares in the Danish Underground Consortium

Total acquires shares in the Danish Underground Consortium

/ Acquisitions / Thursday, 27 September 2018 11:50

French player Total is expanding further in the Danish North Sea after announcing that it will buy Chevron’s 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline, thus expanding its presence in Denmark following its recent acquisition of Maersk Oil. The acquisition will increase Total’s operated share of DUC from 31.2% to 43.2%.

Michael Borrell, Total’s senior vice president, North Sea and Russia, said, “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”. 

“We will further benefit from the ongoing redevelopment of the Tyra field. This new transaction demonstrates our commitment to the development of the DUC and to the expansion of Total’s presence in Denmark,” he added.

The consortium, which started production in 1972, currently operates 15 fields, all located in the Central Graben sector of the North Sea, covering around 90% of the Danish oil and gas production.

In 2017 the production averaged 182,000 barrels of oil equivalent per day (boe/d).

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