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14 Pages

Total acquires Maersk Oil for US$7.45 billion

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.

What's included?

This report includes 1 file(s)

  • Total acquires Maersk Oil for US$7.45 billion PDF - 1.03 MB 14 Pages, 7 Tables, 7 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • 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

In this report there are 14 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • 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
  • Deal analysis
    • WM Remaining NPV10 (US$M) by country; by asset (top 10)
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
    • Maersk Oil projected cash flow by country at Base prices
    • Combined production split by OECD / non-OECD
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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