Total is paying $7.5bn to take over the oil unit of Denmark’s Maersk, the companies announced 21 August. Following the loss of operatorship of Qatar’s 300,000 b/d Al Shaheen on 13 July, Maersk Oil has 160,000 boe/d of “mainly liquids production” concentrated on the North Sea. It operates Denmark’s DUC fields with 60,000 boe/d net output, and also has UK and Norway assets. Total is moving its North Sea HQ to Copenhagen as part of the deal.

Post-Al Shaheen,...