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Total's Maersk acquisition incites doubt about Danish North Sea tax

It is uncertain whether France's Total can simply take over the tax agreement made between Maersk Oil and the Danish government, which was established to shield the oil company from rising taxes in the North Sea.

There are doubts as to whether the tax agreement entered between Maersk Oil and the Danish government will remain valid after French Total has taken over the oil company, reports Danish media Børsen.

The 2003 deal is crucial for Danish companies operating in the North Sea and provides security for firms such as Maersk Oil that they will be compensated for rising taxes. For this reason, the deal was locally known as the compensation deal. Last Wednesday, the Danish parliament held a meeting, where Denmark's Minister for Energy, Utilities and Climate, Lars Christian Lilleholt raised doubts about whether the deal will be able to continue with Total as new owner of Maersk Oil.

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