By Katarina Gustafsson
Maersk Oil, the oil and gas arm of Danish conglomerate A.P.
Moller-Maersk A/S (MAERSK-B.KO), Monday said the state-run oil and
gas company Nordsofonden has joined the Danish Underground
Consortium.
Maersk said Nordsofonden will take a 20% stake in the Danish
Underground Consortium, or DUC, which operates 16 fields with a
daily production of about 180,000 barrels of oil and 14 million
cubic metres of gas.
The admission of the new partner leaves Maersk Oil with 31.2%
while Royal Dutch Shell PLC (RDSA) now owns 36.8% and Chevron (CVX)
12.0% of DUC. Maersk Oil previously owned 39% of the partnership
while Shell held 46% and Chevron 15%.
"From a 30-year perspective, I see a huge potential for
increased production from both existing fields and new fields, and
the new DUC group has a wide range of challenging production
enhancing projects ahead," Jakob Thomasen, chief executive of
Maersk Oil said in a statement.
Nordsofonden enters the partnership in accordance with a sole
concession extension agreement made in 2003 and Maersk Oil--which
will remain operator of DUC--said the financial impact of
Nordsofonden's joining has already been absorbed by the company
through other changes in terms and conditions introduced by the
2003 agreement.
At 0734 GMT A.P. Moller-Maersk shares traded 0.3% lower at
38,940 Danish Kroner ($6,434).
-Write to Katarina Gustafsson at
katarina.gustafsson@dowjones.com
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