Maersk Oil & Gas oil and gas exploration summary Report

Company Report 13 November 2017

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Report summary

Maersk Oil has discovered nearly 1.4 billion boe of resource over the last decade, although much of this has struggled to reach commercial status. Maersk Oil became part of Maersk Energy in September 2016. Following the disappointing return from exploration, its strategy was revised to focus the portfolio in fewer geographies to increase its prominence in certain basins. These included the greater North Sea and Kenya, where it successfully added low-cost volumes to underpin a future development base. Maersk Oil was acquired by Total in August 2017. Subsequently we expect portfolio reassessment, since high-grading of Total's diverse exploration portfolio is central to its new strategy. Maersk's exploration portfolio and plans will be ranked against Total's diverse opportunity set. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.

Executive summary
Strategy
- Upstream strategy
- Exploration outlook
- Evolution of exploration strategy
Investment and costs
Exploration
- Well data
Reserves and resources
Production
Valuation
- Johan Sverdrup: a transformational asset
- UK dominated exploration but with dwindling returns
- Deepwater potential remains for Total
- Decreasing returns from Maersk's core legacy areas