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.