North Sea: Total Increases Its Share in the Danish Underground Consortium
26 September 2018 - 12:30AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has agreed to purchase
from Chevron all the share capital of Chevron Denmark Inc. which
holds a 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. The transaction remains subject to approval of partners
and the relevant authorities.
The acquisition will increase Total’s operated share of DUC from
31.2% to 43.2%, the other partners of the consortium are Shell
(36.8%) and Nordsofonden (20%, owned by the Danish State).
“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,” explains Michael Borrell, Senior Vice President,
North Sea and Russia. ”This new transaction demonstrates our
commitment to the development of the DUC and to the expansion of
Total’s presence in Denmark.”
Danish Underground Consortium
The consortium, which started production in 1972, currently
operates 15 fields, all located in the Central Graben sector of the
North Sea. It covers nearly 90% of the Danish oil and gas
production. In 2017 the production averaged 182,000 barrels of oil
equivalent per day (boe/d).
The start-up of the Tyra gas field after redevelopment,
sanctioned by the DUC partners in December 2017, is planned in
2022. It will enable a production capacity of 60,000 boe/d.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary noteThis press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL S.A. directly or indirectly owns
investments are separate legal entities. TOTAL S.A. has no
liability for their acts or omissions. In this document, the terms
“Total” and “Total Group” are sometimes used for convenience where
general references are made to TOTAL S.A. and/or its subsidiaries.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them.This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TOTAL S.A. nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise.
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