France’s Total buys Denmark’s Maersk Oil for $7.5 billion

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    Total is being aggressive in controlling North Sea acreage There position is No 2 before this takeover.

    Christopher Johnson @chris1reuters

    France’s @Total now pumps over 500,000 boepd, or 12%, of #oil and #gas in North Sea, ahead of @Shell and second only to @StatoilASA


    UBS analysts upgraded Total to “Buy” from “Neutral” after the Maersk deal

    Total bought the assets at an average price of $7.3 per barrel of oil resources, implying a long-term Brent price of $62 per barrel.

    “In the context of a global asset market dominated by U.S. unconventional and Canadian oil sands transactions this year, a conventional offshore deal stands out as an anomaly,” UBS said.


    “The sale of another North Sea focused portfolio that was on the market, combined with Total’s clear commitment to the basin, emphasizes that competition for assets could remain high in spite of depressed oil prices,” UBS said.


    Keeping it in Europe would make a lot of the EU leaders happy – seems a smart deal for both camps at this time.

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