Total SA has agreed to purchase from Chevron Corp. all the share capital of Chevron Denmark Inc., which holds 12% interest in the Danish Underground Consortium (DUC), 12% interest in license 8/06, and 7.5% interest in the Tyra West pipeline.
The acquisition will increase Total’s operated share of DUC to 43.2%. Partners are Royal Dutch Shell PLC, 36.8%, and Danish state-run Nordsofonden, 20%. The consortium, which started production in 1972, operates 15 fields in the Central Graben area of the North Sea and covers nearly 90% of the Danish oil and gas production. Production in 2017 averaged 182,000 boe/d.
Following Total’s acquisition of Maersk Oil, the deal further expands the company’s presence on the Danish shelf, increases its interest in company-operated asset, and allows the company to benefit from Tyra gas field, said Michael Borrell, senior vice-president, North Sea and Russia (OGJ Online, Aug. 21, 2017).
Start-up of Tyra field after redevelopment, sanctioned by the DUC partners in December 2017, is planned in 2022 (OGJ Online, Dec. 5, 2017). It will enable a production capacity of 60,000 boe/d.
The transaction remains subject to approval of partners and relevant authorities.