Milestones
In 2007, Maersk Oil began producing from Dumbarton, a field that had been abandoned by BP and by 2012 had sold over 40 million barrels. The Gryphon and Janice field were in production when Maersk Oil acquired Kerr McGee's UK assets. In 2008, the significant Culzean gas condensate discovery was made and in 2011 the latest appraisal well was drilled on the Courageous discovery.
Development
Maersk Oil is currently developing four projects. Operated projects comprise the Culzean HPHT gas discovery and the NTNP Courageous and Flyndre/Cawdar oil/gas discoveries, the latter straddles the UK and Norway boundary. Maersk Oil is investing $1 billion in the Nexen-operated Golden Eagle (GEAD) field with first production planned in late 2014.
Exploration
Maersk Oil is notably strong in exploring the mature UK offshore area. In 2012 at least 7 exploration and appraisal wells, three operated, are planned including: the Ockley appraisal, HPHT Oakwood, Culzean, Jackdaw, Golden Eagle area and White Bear prospects. Maersk Oil is also active in the annual Licence Rounds.
Maersk Oil added value
Bucking the trend of many oil companies in the maturing North Sea, Maersk Oil aims to increase oil and gas production significantly in the coming years through efficient operatorship of its current assets and an active exploration and development programme.
By operating the Culzean and Ockley discoveries in the UK, Luke and Gita in Denmark and participating in Jackdaw, Faraday and White Bear wells in the UK, Maersk Oil has gained significant expertise in HPHT operations.
Background
Maersk Oil firmly established itself in the UK in 2005 after the acquisition of Kerr McGee's UK assets for $2.95 billion. Maersk Oil's purchase of Kerr McGee's assets included offshore installations that produce from the Gryphon, Maclure and Tullich fields (Gryphon FPSO) and from the Janice, Affleck and James fields (Janice FSO). Total acreage is 5,000 km2.
Maersk Oil in the UK has an ambitious growth target of increasing production from 40,000 barrels of oil equivalent per day to some 100,000 barrels. It has invested $1 billion in 2011 and is investing $1.5 billion in 2012 towards this target.