Total widening Brazil footprint through US$7.45bn Maersk Oil acquisition

Monday, August 21, 2017

France's Total will widen its Brazil footprint through a US$7.45bn acquisition of Maersk Oil, announced Monday.

Maersk Oil's key assets include working interests of 26.7% and 20%, respectively, in the offshore Itaipu and Wahoo fields in the Campos basin off Brazil's southeastern coast.

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The transaction, expected to close in the first quarter of 2018 pending shareholder and regulatory approval, would make Total the 100% owner of Maersk Oil, a wholly owned subsidiary of Danish shipping and energy conglomerate AP Moller-Maersk.

Total's Brazil chief, Maxime Rabilloud, said last December that the major planned to invest more than US$1bn/y in the country after securing stakes in the Lara and Lapa pre-salt fields from national oil company Petrobras.

Total's Brazil assets also include a 20% interest in the consortium developing the Libra pre-salt field in the Santos basin, a 41.2% stake in the Xerelete field in the Campos basin and 18 exploration licenses, according to the company's website.

Maersk Oil's key assets (CREDIT: Total)