Chevron, Total In Major Asset Sale Deal

Oil giant Total is set to acquire the entire share capital of Chevron Denmark, pending regulatory and partner approvals, Offshore reports.

The associated assets comprise a 12percent interest in the Danish Underground Consortium (DUC), 12percent of North Sea license 8/06, and 7.5percent of the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities.

Total, which joined the DUC following its acquisition of Maersk Oil, will increase its stake from 31.2percent to 43.2percent. The other partners are Shell (36.8percent) and Nordsofonden (20percent, owned by the Danish state).

“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, the company’s senior vice president, North Sea and Russia, according to Offshore.

“We will further benefit from the ongoing redevelopment of the Tyra field,” Offshore quoted him as saying.

The consortium, which started production in 1972, currently operates 15 fields in the Central Graben sector of the North Sea and produces nearly 90percent of Denmark’s oil and gas. Last year its production averaged 182,000 boe/d.

The Tyra gas field is undergoing redevelopment to address instability issues caused by long-term seabed subsidence. On re-opening in 2022, production capacity should reach 60,000 boe/d.

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