North Sea: Total increases its share in the Danish Underground Consortium

2018/09/25

Press release

Paris, 25 September 2018 - Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities.

The acquisition will increase Total’s operated share of DUC from 31.2% to 43.2%, the other partners of the consortium are Shell (36.8%) and Nordsofonden (20%, owned by the Danish State).

“Following the completion of the Maersk Oil acquisition, 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 field,” explains Michael Borrell, Senior Vice President, North Sea and Russia. ”This new transaction demonstrates our commitment to the development of the DUC and to the expansion of Total’s presence in Denmark.”

Danish Underground Consortium 

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% of the Danish oil and gas production. In 2017 the production averaged 182,000 barrels of oil equivalent per day (boe/d).

The start-up of the Tyra gas field after redevelopment, sanctioned by the DUC partners in December 2017, is planned in 2022. It will enable a production capacity of 60,000 boe/d.

 

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Cautionary note 

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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