Offshore Activity

Maersk oil unit purchase by Total approved unrestricted by Brazilian authorities

The acquisition by the French oil company Total of the oil and gas assets of the Danish Maersk was approved unrestricted by the Administrative Council for Economic Defense (Cade), according to a Brazilian antitrust notice published in the Official Gazette on Tuesday.

The companies announced an agreement at the end of August, under which Total will pay $ 4.95 billion in stock by Maersk Oil and will still take $ 2.5 billion in company debt.

In Brazil, Maersk Oil has no assets in production, but holds non-operating stakes of 20 percent in the Wahoo field (BM-C-30) and 27 percent in the Itaipu field (BM-C-32).

Cade considered that the deal “does not present potential detriment to the competition, because it is pre-operational assets and because of the low market share of the applicants.”

According to the agency, the companies said that the acquisition is part of a strategy of Total to buy assets that combine with its exploration and production business and with its know-how in several regions. Total said it will have commercial, financial and operational synergies with Maersk Oil’s business

Categories: Offshore Activity

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