Oil and Gas Activities
Maersk Oil (Danish: Mærsk Olie og Gas A/S) was established in 1962 when Maersk was awarded a concession for oil and gas exploration and production in the Danish sector of the North Sea.
Today, Maersk Oil is engaged in exploration for and production of oil and gas in many parts of the world. Total oil production is more than 600,000 barrels per day (95,000 m³/d) and gas production is up to some 1 billion cubic feet (28,000,000 m³) per day. Most of this production is from the North Sea, from both the Danish and British sectors, but there is also production in offshore Qatar, in Algeria and in Kazakhstan.
In addition to the above-mentioned producing sites, Maersk Oil is involved in exploration activities in Danish, British, Dutch and Norwegian sectors of the North Sea, Qatar, Algeria, Kazakhstan, Angola, Gulf of Mexico (US sector), Turkmenistan, Oman, Morocco, Brazil, Colombia and Suriname. Most of these activities are not 100% owned, but are via membership in a consortium.
The company prides itself for having developed production techniques especially suited to difficult environments (North Sea, etc.) and for drilling techniques that succeed in extracting oil from problematic underground conditions.
Maersk Oil has been preliminarily awarded two new exploration licenses, PL472 and PL474, in Norway's latest licensing round in February 2008.
"Oil and gas activities" provided A.P. Moller – Maersk with 22% of its revenue and 68% of its profit in 2008.
Read more about this topic: Damco
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