Chevron agrees to sell Danish North Sea interests to Total
Total will acquire the entire share capital of Chevron Denmark, pending regulatory and partner approvals.
PARIS – Total will acquire the entire share capital of Chevron Denmark, pending regulatory and partner approvals.
The associated assets comprise a 12% interest in the Danish Underground Consortium (DUC), 12% of North Sea license 8/06, and 7.5% of the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities.
Total, which joined the DUC following itsacquisition of Maersk Oil, will increase its stake from 31.2% to 43.2%. The other partners are Shell (36.8%) and Nordsofonden (20%, 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.
“We will further benefit from the ongoingredevelopment of the Tyra field.”
The consortium, which started production in 1972, currently operates 15 fields in the Central Graben sector of the North Sea and produces nearly 90% 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.