The fully owned subsidiary of A.P. Møller – Mærsk A/S, Maersk Olie og Gas A/S (“Maersk Oil”), has agreed with SK Energy Co., Ltd. to acquire SK do Brasil Ltda. for USD 2.4 billion on a cash and debt-free basis. The acquisition is subject to customary conditions, including governmental approval and will not affect the 2010 financial result of A. P. Møller – Mærsk A/S.
The acquisition gives Maersk Oil access to sizeable pre-salt assets offshore Brazil, one of the most prolific regions in the world for oil exploration and production. It offers immediate production and significant growth potential as discoveries identified in the acreage are appraised. In addition, the acquisition offers a strong upside from blocks lying in the Campos Basin as exploration prospects are tested.
“The A.P. Moller – Maersk Group has the stated ambition to grow Maersk Oil. This investment will contribute significantly to replacing Maersk Oil’s reserves in the long-term as we now expand Maersk Oil’s position in one of the world’s most attractive regions for the exploration and production industry,” says A.P. Moller – Maersk Group CEO Nils S. Andersen.
Maersk Oil CEO Jakob Thomasen says: “The acquisition is consistent with our strategy as it will transform Brazil into a core producing country for Maersk Oil. Through our partnerships in the three blocks we acquire, we will strengthen our position in deepwater exploration and production, an area where we have acquired acreage and built strong competencies in recent years”.
The acquisition comprises three blocks – BM-C-008 which includes the Polvo Field (40 percent share, Devon operated), BM-C-030 which includes the Wahoo discovery (20 percent share, Anadarko operated) and BM-C-032 which includes the Itaipu discovery (27 percent share, Devon operated). BP has bought Devon’s Brazilian activities and will upon regulatory approval become operator of these.
The Polvo Field offers a current net production of approx. 10,000 barrels of oil a day (SK do Brasil Ltda. share). The Wahoo and Itaipu discoveries will be appraised in 2011 and first oil may be possible by 2016 and 2018, respectively. Additional exploration prospectivity has been observed in both these blocks, some of which is planned to be tested in 2013.
Virginia-based energy company Dominion Energy has announced the launch of the first U.S.-built and Jones Act-compliant offshore wind turbine installation vessel, the Charybdis. A 472-foot vessel is being built at the...
Emerging U.S. offshore wind contractor, Kalypso Offshore Energy, has signed a Letter of Intent (LOI) with maritime technology leader, Royal IHC, to construct the first Jones Act-compliant Cable Lay Vessel...
COPENHAGEN, April 15 (Reuters) – Shipping company Maersk has not made any deployment changes after a Portuguese-flagged container ship was seized by Iran in the Strait of Hormuz on Saturday, the Danish company said on Monday. “We find recent...
17 hours ago
Total Views: 4348
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.