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Total reaps major unexpected gain from Danish oil

Despite significantly lower production, Total earns hundreds of millions in DKK from the Danish part of the North Sea in the first year after its acquisition of Maersk Oil.

Photo: Maersk Oil

French oil company Total has made a fine start with its presence in the Danish part of the North Sea. The oil company, which formally took over Maersk Oil's assets last March, finished 2018 with an EBITDA result of USD 369 million and a revenue of USD 1.002 billion, corresponding to a profit margin of 37 percent. After financial items and taxes, the bottom line landed at USD 247 million, shows the annual report from Total E&P Denmark.

The Danish underground's new key player declares that the result is above management's expectations, as it is definitely not due to a production boost. On the contrary, last year saw a production of 25,000 bpd against 36,000 bpd in 2017 and, correspondingly, 15,000 bpd of gas against 21,000 bpd of gas in 2017. However, Danish production has increased its value – and become cheaper.

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