EnergyWatch

Maersk prepares for two years as a minor player

In six months, Denmark's largest oil company is poised to lose about half of its daily barrel production and thus become an international featherweight in the industry. Maersk Oil's CEO believes that recent years of cost reductions will be attractive for potential buyers when the company is divested within the next two years.

Photo: Maersk

Looking on the bright side on things, employees at Maersk Oil will not have to worry as much about conference calls to different timezones and hours spent wasting away in airports on journeys between the company's production faciltiies.

The oil company, which just two years ago had a vision to bring oil production up to 400,000 daily barrels, saw numbers land at 150,000-160,000 this year - almost 250,000 barrels off target. The reason is well known: for more than 30 years, the company has held a stake in the Al-Shaheen field in Qatar. But after a new licensing round, this stake was lost to France's Total.

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