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Total increases its share in the Danish Underground Consortium

Published by
World Pipelines,


Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc., which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline.

Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc., which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline.

The transaction remains subject to approval of partners and the relevant authorities.

The acquisition will increase Total’s operated share of DUC from 31.2% to 43.2%. The other partners of the consortium are Shell (36.8%) and Nordsofonden (20%, owned by the Danish state).

The consortium, which started production in 1972, currently operates 15 fields, all located in the Central Graben sector of the North Sea. It covers nearly 90% of the Danish oil and gas production. In 2017 the production averaged 182 000 barrels of oil equivalent per day (boe/d).

The start-up of the Tyra gas field after redevelopment, sanctioned by the DUC partners in December 2017, is planned in 2022. It will enable a production capacity of 60 000 boe/d.

Read the article online at: https://www.worldpipelines.com/business-news/25092018/total-increases-its-share-in-the-danish-underground-consortium/

 

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