In 1962, a joint venture was formed for the initial exploration and possible development and production activities in Denmark. The venture was named Dansk Undergrunds Consortium (DUC). Today, the participants are A.P. Moller-Mærsk (31.2%), Shell (36.8%) and Chevron (12%) and state-owned Danish North Sea Fund (20%). Maersk Oil is the operator for all DUC activities.