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Maersk to Invest $3.4b in North Sea

Maersk to Invest $3.4b in North SeaMaersk to Invest $3.4b in North Sea

Danish conglomerate AP Moller-Maersk said on Friday it will invest $3.4 billion together with British-Dutch oil producer Shell, among others, to redevelop and extend the production life cycle of Denmark's largest gas field in the North Sea. Maersk, whose oil company is being taken over by France's Total, said the investment will extend production at the Tyra field, which was slated to close this year, for at least 25 years, Reuters reported. The group said the Tyra field redevelopment could provide enough gas for 1.5 million Danish homes "at peak production". Maersk estimates that the redevelopment of Tyra will yield more than 200 million barrels of oil equivalent. Approximately two-thirds of the production are expected to be gas, with the rest oil. "The redevelopment of Tyra is the largest investment carried out in the Danish North Sea," Maersk Oil's CEO Gretchen Watkins said in a statement. He said the field will be shut for redevelopment in November 2019 and production is expected to resume in July 2022.

 

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