Maersk Oil plans to reduce stake in oil block in Angola

12 September 2014

Maersk Oil, a subsidiary of the AP Moller-Maersk A/S group of Denmark, plans to sell a portion of its stake in the Chissonga deepwater oil project in Angola, Danish daily newspaper Jyllands Posten reported.

Chissonga is located in the sea at a depth of 1,500 metres, and Maersk Oil holds a 65 percent stake in the block where estimated reserves of 100 million barrels were discovered in 2009.

“We have a high stake in the block and it’s natural that we should want to reduce it in the long run,” said the CEO of AP Moller-Maersk Group, Nils Andersen in a conference call with analysts to present second quarter results.

Andersen gave assurances that the group remained committed to developing the Chissonga project but added that as the group’s stake was large “we will consider reducing it when the project is at a more advanced stage and when the moment is right.”

Danish newspaper Jyllands Posten did not mention what share of its 65 percent stake AP Moller-Maersk Group would put up for sale, according to financial news agency Reuters. (macauhub/AO)