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:
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