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Total Buys Maersk Oil: Global Energy Growth With M&A
22 August 2017, 12:49 | Maryann Sutton
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Mærsk A/S (APMM) has entered into an agreement to sell Mærsk Olie og Gas A/S ("Maersk Oil") to Total S.A. for Dollars 7.45bn in a combined share and debt transaction, the company announces in its press release.
Denmark will become a regional hub for all Total's operations in Denmark, Norway and the Netherlands, based on Maersk Oil's capabilities and strong position in the North Sea region. Total chose not to pursue shale oil in the USA, one of the fastest growing areas this year, because assets there are expensive, he said.
Total expects its biggest oil deal since it acquired Elf in 2000 to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea.
AP Moller Maersk shares were up 3.7 percent by 0900 GMT while Total shares dipped 0.7 percent. The French company is coming off a strong quarter, with adjusted net income growing by 13 percent from previous year to $2.5 billion.
Total said on Monday (21 August), that it will transfer 97.5 million shares with a value of $4.95bn to Maersk, and will also assume a short term debt of $2.5bn.
Total said the acquisition would bolster its positions in the Gulf of Mexico, Algeria, Kenya and Kazakhstan. Norway's Statoil (and Total for that matter) made investments in Brazil's sub-salt deepwater oil fields.
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The combination with Maersk Oil gives Total about 1 billion barrels of oil equivalent of proven and probable reserves, about 80 percent of which are in the North Sea, according to the statement.
Total is also taking over short-term debt valued at Dollars 2.5 billion and closure obligations worth USD 2.9 billion.
The deal is continent on necessary approvals and is expected finalized in the first quarter 2018.
"In the United Kingdom in particular, we have two operations of similar size". Maerk has operated Al Shaheen since 1992. The acquisition improves Total's near-term growth outlook - it provides Total with an immediate 6% production increase and strengthen near-term growth.
"It will further shift Total's weighting towards OECD regions, a core strategic driver for the company as it looks to balance the portfolio away from areas of high above ground risk", said a WoodMac director Valentina Kretzschmar.
Total will gain 160,000 boe/d in production, mainly liquids, production in 2018, rising to more than 200,000 boe/d by the early 2020s.
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