Total acquires Maersk Oil for $7.45 billion

FRENCH supermajor Total is boosting reserves and production with a $7.45 billion acquisition of Denmark’s largest oil and gas player Maersk Oil.

The stock-and-debt deal will give Total additional proven and probable reserves and contingent resources of 1 billion barrels of oil equivalent and 160,000 boe in 2018 production, and assets in Denmark, the UK, Norway, the US Gulf of Mexico, Algeria, Kazakhstan, Iraqi Kurdistan, Angola, Kenya and Brazil.

More than 80% of Maersk Oil’s assets are in the North Sea, including an 8.44%