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Maersk Tests Water for Angola Oil in Chissonga Project

Source: Reuters 9/9/2014, Location: Africa

Maersk Oil, a unit of Denmark's A.P. Moller-Maersk A/S, is testing the water for the sale of a significant part of its stake in the deepwater Chissonga project in Angola, Danish daily Jyllands Posten reported, citing sources familiar with the process. Maersk Oil was not immediately available for comment.

Chissonga lies in 1,500 metres of water, making it an expensive deepwater oil development project. Oil companies can reduce stakes in such projects to share costs, although that also means sharing the eventual profits from production.

Maersk Oil has a 65 percent stake in the block where Chissonga was discovered in 2009 with over 100 million barrels of oil. Chissonga, due to produce its first oil in 2017-18, is one of the key projects that will help the company increase oil production 50 percent by 2020.

A.P. Moller-Maersk Chief Executive Nils Andersen had indicated in August that a sale could be on the cards, although not quite so soon. "We do have a high operating share in Angola and it could be natural to reduce that at a point in time," Andersen told an analysts' conference call for Maersk's second-quarter results.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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