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Total boosts North Sea business with $7.5-bn Maersk Oil deal

Purchase also signals some oil majors are prepared to invest to replenish reserves, boost production

Bate Felix & bJacob Gronholt-Pedersen | Reuters  |  Paris 

Total is buying Maersk’s oil and gas business in a $7.45-billion deal which the French energy major said would strengthen its operations in the North Sea and boost earnings and cash flow. For Danish company AP Moller Maersk, the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. The world’s top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in the oil market. Total ...

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First Published: Tue, August 22 2017. 02:00 IST