Maersk Oil was awarded a share in two Blocks BM-C-37 and BM-C-38 in 2008. Two exploration wells were drilled in these blocks and up to six more exploration wells may be drilled in 2012-2013. Maersk Oil now holds 30% interest in the blocks. In 2010 it acquired a 20% interest in Block BM-C-34. Both post-salt and pre-salt exploration is ongoing in this block with five wells drilled since acquisition and one more exploration well to follow in 2013.

The Brazilian assets of SK Energy, acquired in 2010, comprise a 40% interest in the Polvo field (BM-C-8), 20% in the Wahoo discovery (BM-C-30) and 27% in the Itaipu discovery (BM-C-32). Since the acquisition one appraisal well was drilled in Itaipu and up to four appraisal wells may be drilled at Wahoo and Itaipu in 2012-2013.

Maersk Oil currently has no fields under development in its Brazil portfolio.

The 'Whale Park' complex of oil-fields located just north of Itaipu and Wahoo, illustrates the quality of the Brazilian presalt in this area. Any presalt acreage in Brazil will now be licensed under new and more onerous production-sharing arrangements.

Therefore through Itaipu and Wahoo Maersk Oil secured access to Brazilian presalt resource under legacy terms, with a significant potential for value creation. There is also an opportunity for Maersk Oil to strengthen its deepwater experience and for knowledge transfer across the globe with Angola and the US Gulf of Mexico, other regions where Maersk Oil has a deepwater presence.

Maersk Oil entered Brazil in 2001. Since then, Maersk Oil has expanded its footprint in the offshore Campos Basin through licensing rounds and exploration operations. Up to the second quarter of 2012, Maersk Oil has drilled four wells as operator and participated as partner in eight other wells. In late 2010, the $2.4 billion acquisition of SK do Brasil,an affiliated of SK Energy, provided Maersk Oil with access to prime presalt acreage. Total acreage is currently 3,050 Km2.