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Total buys out Chevron Denmark

Staff Writer |
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.

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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).

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.

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