Total agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12 percent interest in the Danish Underground Consortium (DUC), which operates 15 fields in the Danish North Sea, the energy giant announced Tuesday.
The acquisition will increase Total's operated share of DUC from 31.2 percent to 43.2 percent, according to a press release from the company.
No details were given about the value of the deal which remains subject to approval of partners and the relevant authorities.
The other partners of the consortium are Shell which holds a 36.8 percent interest, and Danish state-owned Nordsofonden, which owns 20 percent.
"Following the completion of the Maersk Oil acquisition [in March], this deal is a great opportunity to further expand our presence on the Danish Shelf and increase our interest in an asset operated by Total. We will further benefit from the ongoing redevelopment of the Tyra [natural gas] field," said Michael Borrell, senior vice president of North Sea and Russia regions.
According to the statement, the start-up of the Tyra gas field after redevelopment, sanctioned by the DUC partners in December 2017, is planned in 2022. The field would have a production capacity of 60,000 barrels of oil equivalent per day (boe/d).
The consortium, which started production in 1972, currently operates 15 fields, all located in the Central Graben sector of the North Sea. It covers nearly 90 percent of the Danish oil and gas production. In 2017, the production averaged 182,000 boe/d.
By Hale Turkes
Anadolu Agency
energy@aa.com.tr