Total buy shares Chevron Denmark

Total to buy shares of Chevron Denmark

10:11 AM, 26th September 2018
Total logo

PARIS, FRANCE: Total SA has agreed to buy all the shares of Chevron Denmark Inc from Chevron Corporation.

Chevron Denmark holds a 12 percent interest in the Danish Underground Consortium (DUC) and a 7.5 percent interest in the Tyra West pipeline.

This acquisition will increase Total’s operated share of DUC from 31.2 percent to 43.2 percent, the other partners of the consortium are Shell (36.8 percent) and Nordsofonden (20 percent, owned by the Danish State).

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 percent 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.

“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. This new transaction demonstrates our commitment to the development of the DUC and to the expansion of Total’s presence in Denmark,” explains Michael Borrell, senior vice president, North Sea and Russia, Total.

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