Maersk Oil to invest USD 1 billion a year in explorations

Maersk Oil will invest USD 1 billion in explorations every year, in order to reach the oil production goal of 400,000 barrels of oil equivalent per day by 2020, writes A. P. Moeller-Maersk in a message to the stock exchange.

Photo: Maersk Oil

Maersk Oil’s goal is to reach an oil production of 400,000 barrels oil equivalent per day (boepd) by 2020. To reach that goal, and to “ensure the stable addition of resources,” Maersk Oil will invest USD 1 billion in explorations, writes the company in a brief to the stock exchange.

The goal is still far off. The production level today is 265,000 boepd, and to secure the additional 135,000 boepd, Maersk Oil will make more efficient use of its existing assets. The four development fields approved for Maersk Oil have a total production share of 58,000 boepd, while findings that have not been approved yet represent approximately 160,000 boepd, according to the brief.

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