Effective from today, July 9, the Danish state-run Nordsøfonden will in accordance with the 2003 sole concession extension agreement join the Danish Underground Consortium (DUC). The new participant will take a 20% interest in the DUC, with A.P. Moller-Maersk, Shell and Chevron reducing their stakes proportionally.
The interest split now leaves A.P. Moller-Maersk with 31.2%, Shell 36.8%, Chevron 12.0% and Nordsøfonden 20%. Maersk Oil will continue as operator.
'We would like to welcome Nordsøfonden to the DUC and look forward to joining forces for the next 30 years of the concession. DUC has challenging opportunities ahead as we continue seeking new ways of increasing oil and gas recovery from the Danish North Sea,' said Jakob Thomasen, CEO of Maersk Oil.