Tag Archives: Maersk Oil

As the higher oil prices and the cost cuts resulted in strong cash flows for Big Oil. the companies are now trying to reward their shareholders.

France'.s Total signed a $4.8-billion contract in July to develop the South Pars Gas Field.

Total has a 50.1 percent share in the 20-year deal. The state-owned China National Petroleum Corp. has a 30 percent stake and Iran’s Petropars has 19.9 percent.

Several other foreign companies have been invited for South Pars oil venture but none have given a decisive answer.

The new Chevron partnership could revitalize Total’s portfolio in the GoM.

The North Sea’s problem has always been high production costs.

State-owned Qatar Petroleum (QP) will keep the remaining 70 percent in the new joint venture for the Al-Shaheen field.

Total had announced earlier in August that it would acquire Maersk Oil for $5 billion. bolstering its position among the world'.s largest oil companies.

Maersk Oil exploration costs are now expected to be below the 2016 level’s of $223million.

Statoil is the operator of Johan Sverdrup with a 40% stake. The other partners are Aker BP. Petoro and Lundin.