Maersk reduces activities offshore Brazil

Maersk Oil has completed its acquisition of stakes in three blocks offshore Brazil from SK Energy for $2.4 billion.

Offshore staff

COPENHAGEN, Denmark – Maersk Oil has completed its acquisition of stakes in three blocks offshore Brazil from SK Energy for $2.4 billion.

However, following disappointing appraisal results on the Itaipu and Wahoo fields, the company has revised its strategy and will no longer pursue growth opportunities or operatorship inBrazil.

As a result the company is selling its share of the small producingPolvo field to operator HRT, subject to regulatory approvals.

Maersk adds thatWahoo and Itaipu still contain potentially significant resources and the partners expect to formulate more commercially viable development plans at a later date.

Group CEO Nils S. Andersen said: “The SK Energy investment was made at a time when the outlook for the oil industry and oil prices were more positive than today and we had growth ambitions for ourBrazilian oil business. We have now adapted our strategy to the situation we see today…”

07/08/2014

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