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Total Acquires Maersk Oil to Become Second-Largest Operator in the North Sea

Bringing Total around 1 billion barrels of oil equivalent of 2P/2C reserves and resources and a production of about 160,000 barrels of oil equivalent per day (boe/d) – Total’s acquisition of Maersk oil will help to reinforce the group’s leading position in the UK and Norway. The deal will also see Total entering Denmark, making the company the second largest operator in the North Sea.

“This major acquisition is a success on many levels,” said Patrick Pouyanné, Chairman and CEO of Total. “First, it illustrates our strategy to build on our strengths and grow our presence in Total’s core areas, like the North Sea, to strengthen our leadership there. Second, it brings high-quality and low-breakeven assets, enhancing our worldwide portfolio. Third, the strong overlap between Maersk Oil and the Group’s assets will generate more than $400 million of synergies per year.”

Effective as of 8 March 2018, the transaction will strengthen other growth areas within Total, in particular in Algeria and in the Gulf of Mexico in the United States.

For the Total Group as a whole, this is an important milestone, as it reasserts the group’s dedication towards its One Total initiative. By working across the world in many different sectors, the group continues to gain insights for its customers – serving their needs today and strategizing for tomorrow.

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