01/04/2019 Press release
Total closes the acquisition of the Chevron interest in DUC
Copenhagen, 1st April 2019 - Total announces the completion of the acquisition of all the share capital of Chevron Denmark Inc. including Chevron’s 12% share of Danish Underground Consortium (DUC), a 12% interest in License 8/06, and a 13.5% interest in the Tyra West pipeline.
The transaction increases Total’s operated share of DUC from 31.2% to 43.2%. The other partners of the consortium are Shell (36.8%) and Nordsøfonden (20%, owned by the Danish State).
“The acquisition strengthens our strategic commitment to Denmark and our presence in the Danish North Sea – an area with future resource potential. The transaction is accretive to Total’s operations, adding 20,000 barrels of oil equivalent per day (boepd) to our Danish operated production base,” said Michael Borrell, Senior Vice President North Sea & Russia, Total Exploration & Production.
The DUC partnership is focused on executing its activities and plans which include the redevelopment of the Tyra Field. The significant investment of 21 billion DKK in a new ultra-modern Tyra complex is crucial in ensuring the continued safe and stable delivery of natural gas to Denmark in the decades to come contributing to state revenues that will help the country through the energy transition and the development of new low carbon technologies.
“As the DUC operator we have a long-term commitment to meet our obligations as holder of the Sole Concession through to 2042. We will continue to look for new opportunities when they make sense and contribute to our overall ambition,” Michael Borrell concluded.
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