Maersk and partners to hand back Danish North Sea HP/HT discoveries

Offshore staff

COPENHAGEN, Denmark – A.P. Moller - Maersk and its partners have agreed to relinquish two permits in the Danish North Sea prior to opening of the country’s seventh licensing round.

One is License 8/06, Area A. The other is the Elly area of the Sole Concession, which contains the high-pressure/high-temperatureElly-Luke gas accumulations. Both have high carbon dioxide (CO₂) content.

A.P. Moller - Maersk said the partners had decided they could generate more value by investing resources in other projects with less associated risk, such as the $800-millionTyra Southeast extension announced in April.

Partners in License 8/06, Area A, are Shell (43.3%), A.P. Moller - Maersk (36.7%), and Nordsøfonden (20%). Partners in the Sole Concession are A.P. Moller - Maersk (31.2%), Shell (36.8%), Nordsøfonden (20%), and Chevron (12%). Maersk Oil is operator of both permits.

11/15/2013