Photo: Claus Fisker/ScanpixFrench oil giant Total said Monday that it would buy Maersk Oil, a unit of Danish shipping giant A.P. The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark. It will pay for the company with $4.95 billion in Total shares, while taking on $2.5 billion of Maersk Oil's debt. It also noted the price in terms of output was nearly a third less than Shell sold its North Sea portfolio to Chrysaor earlier this year. "Maersk Oil has for almost half a century been at the forefront of the Danish oil development, been vital to A.P.

Source: The Local August 22, 2017 06:56 UTC