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Maersk Oil awarded stakes in 9 UK North Sea exploration licenses

BY FLEMMING EMIL HANSEN

COPENHAGEN -- Maersk Oil, the oil exploring and producing arm of Danish energy and shipping group A.P. Moller-Maersk, said it has been awarded interests in nine exploration licenses in the British North Sea as part of the 27th United Kingdom licensing round.

Maersk Oil will act as operator on three of the nine licenses, while partner companies will operate the remaining ones. The awarded licenses, Maersk Oil said, will result in exploration drilling of one firm well and one contingent well.

The drilling is scheduled to take place from early 2013 and for two years after, the company said. "The award of these new licenses adds significantly to our long-term growth strategy for the United Kindom business," said Maersk Oil Managing Director Martin Rune Pedersen.

"Our aim is to double our production in the next five to seven years, and the award is integral to sustaining our future growth. In addition to the offered acreage, Maersk Oil still has a number of outstanding applications pending environmental assessment," the company said.

Maersk Oil is an international oil and gas company with operated production of about 625,000 boepd in Denmark, the United Kingdom, Qatar, Kazakhstan and Brazil. Exploration activities are ongoing in Angola, Norway, the Gulf of Mexico, Greenland and in the producing countries. Maersk Oil has 50 years experience in exploring, developing and producing oil in the Danish North Sea, and since 2005 has built up production in the North Sea.

Dow Jones Newswires

10/26/2012

 

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