Maersk Oil profits soar ahead of Total takeover

Platform jackets being installed on the North Sea Culzean field.
Platform jackets being installed on the North Sea Culzean field.

Maersk Oil more than doubled its profits ahead of its takeover by French energy giant Total.

The company is currently owned by Danish conglomerate Moller-Maersk, but will transfer to Total during the current quarter.

The £5.3billion ($7.45billion) acquisition was announced in August 2017.

At that time, Maersk Oil employed 2,800 people, 688 of whom were based at its Aberdeen office.

New accounts from Moller-Maersk show that its oil business chalked up profits totalling £860million in 2017, against £321million the previous year.

The business attributed its success to higher crude prices, a smaller exploration bill, and cost cutting measures.

Production dropped to 220,000 barrels per day from 313,000 in 2016 due to Maersk Oil’s exit from Qatar.

The company’s UK North Sea interests include its operatorship of the huge Culzean field, which is expected to come on stream next year.

 

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