Maersk consider selling offshore oil and gas assets in Brazil

Maersk InnovatorAP Moller-Maersk consider selling oil and gas assets in Brazil and Latin America, as part of its restructuring plan. The company holds 20% share in Wahoo offshore field and 27% stake in Itaipu development, both in country’s Campos basin. The final decision for putting the assets on the market is not yet taken, but company is reviewing its portfolio in Latin America, giving priority on operations in North Sea. The current value of the assets was unclear. The Danish company acquired three Brazilian blocks from SK Energy for 2.4 billion USD in July 2011 but in 2014 sold its stake in one and wrote down the value of the business by 1.7 billion USD.

While the group has given itself two years to decide on the exact strategy, Maersk Energy is clearly focusing on its two major developments that are planned to start production in 2019 – Culzean in the UK North Sea and the Statoil-operated Johan Sverdrup in the Norwegian North Sea.

“We have said that we will focus on fewer geographies and certainly in the North Sea. Norway and the United Kingdom will be an area of focus for Maersk Oil”, said the Maersk Energy CEO, Claus Hemmingsen. “While the assets in Brazil have yet to be put on the market, we are reviewing our portfolio in Latin America”, added he.

In September 2016, AP Moller-Maersk revealed plans for restructuring its businesses to have its core focused in transport and logistics, with separate energy businesses. The company has no intention to reduce the presence of the shipping business and plans its expansion through mergents and acquisitions.

A.P. Moller–Maersk Group, also known as Maersk, is a Danish business conglomerate, which has activities in a variety of business sectors, primarily within the transportation and energy sectors.