Maersk Oil Buys Outstanding Stakes In Two UK Oil Fields
05/31/2012| 02:59am US/Eastern
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The oil and gas producing arm of Danish industrial conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO) said Thursday it has signed an agreement to increase to full ownership its stakes in two U.K. North Sea oilfields.
Maersk Oil has agreed with U.S.-based Noble Energy Inc. (NBL) to pay $127 million for the remaining outstanding 30% stakes in the Dumbarton and Lochranza fields, in which Maersk already owns 70% and functions as operator, it said in a statement.
Also included in the deal is a 30% stake in a floating production and storage installation in the U.K. Central North Sea, the so-called Global Producer III FPSO. Following completion of the transaction, Maersk Oil will also hold a 100% interest in Global Producer III FPSO.
"This transaction is an important step towards realizing Maersk Oil's growth aspirations for its U.K. business," said Martin Rune Pedersen, Managing Director of Maersk Oil U.K.
The transaction is core to Maersk Oil's U.K. operations and secures greater control over future development opportunities throughout the wider Global Producer III installation area, the company said.
The sale is expected to close no later than the end of the third quarter of 2012. The Dumbarton and Lochranza fields combined produce around 20,000 barrels of oil equivalent a day, Maersk said.
-By Flemming Emil Hansen, Copenhagen Bureau, Dow Jones Newswires; +45 33 12 44 88; flemming.hansen@dowjones.com
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