Deal Insight

Total acquires Maersk Oil for US$7.45 billion

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29 August 2017

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
    • 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:

  • Document

    Total acquires Maersk Oil for US$7.45 billion

    PDF 1.03 MB