Deal Insight
Total acquires Maersk Oil for US$7.45 billion
Report summary
Total is buying Maersk Oil from A.P. Møller-Mærsk for US$7.45 billion, comprising US$4.95 billion in shares and the assumption of US$2.5 billion in debt. Maersk's portfolio is dominated by conventional assets, and weighted to oil (liquids accounts for 87% of projected 2018 volumes, falling to 72% by 2023). Total gains access to the prized Johan Sverdrup development (8.44%); the UK's largest gas development – Culzean (49.99%); and deepwater GoM field, Jack (25%). The rest of the portfolio consists of mainly legacy, mature assets in Denmark and the UK, a maturing oil portfolio onshore Algeria and long-term oil opportunities in Kenya. We believe there are also technology and EOR expertise synergies at Al Shaheen (Qatar, a discovered resource opportunity recently taken over by Total) and Iran.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
-
Strategic rationale
- Maersk
- Total
- UK
- Norway
- Denmark
- US
- Algeria
- Kenya
- Kazakhstan
- Iraq
- Oil & gas pricing and assumptions
Tables and charts
This report includes 14 images and tables including:
- Executive summary: Table 1
- WM remaining commercial reserves (mmboe) by country; by asset (top 10)
- Maersk Oil country position matrix
- Entitlement production by country
- UK production by asset
- Upstream assets: Table 1
- WM Remaining NPV10 (US$M) by country; by asset (top 10)
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Maersk Oil projected cash flow by country at Base prices
- Combined production split by OECD / non-OECD
What's included
This report contains:
Other reports you may be interested in
21 August 2017
Corporate week in brief: Total buys Maersk Oil and Gas for US$7.45 billion
Insight
Corporate week in brief: Total buys Maersk Oil and Gas for US$7.45 billion
First thoughts on Total's US$7.45 billion acquisition of Maersk Oil
$70001 September 2017
KUFPEC buys additional 15% stake in Gina Krog from Total for US$317 million
Deal Insight
KUFPEC buys additional 15% stake in Gina Krog from Total for US$317 million
KUFPEC doubles-down as Total finally exits
$1,65005 September 2017
Europe upstream week in brief: Total sells out of Gina Krog
Insight
Europe upstream week in brief: Total sells out of Gina Krog
This is our latest week in brief where we give you quick, responsive opinion and analysis on all that's going on in European oil and gas.
$1,350
