Maersk Results Presentation Deck
Maersk Group
- Interim Report 03 2015
Cash flow from operating activities was USD 548m (USD
726m); lower than last year mainly due to the lower oil price.
Cash flow used for capital expenditure was USD 515m (USD
591m).
PRODUCTION
The 26% increase in the entitlement production originated
from good operational performance in particular in the UK and
production from the new fields Golden Eagle in UK and Jack
in the US as well as higher entitlement production from Qatar,
where the low oil price results in more cost-recovery-barrels.
Entitlement share of production
Thousand barrels of oil equivalents per day (boepd)
160
140
120
100
80
60
40
20
0
98
121
Qatar
Contents
33
65
62 59
38 39
UK Denmark Algeria
8
US
3
6
03 2014
03 2015
4
Kazakhstan Brazil
DEVELOPMENT
The development project at the Al Shaheen field offshore Qatar
is progressing as planned. Maersk Oil Qatar is progressing
ahead of schedule now more than 75% through the drilling
programme.
The development plan for phase 1 of Johan Sverdrup field off-
shore Norway was approved by the Norwegian Ministry of
Petroleum and Energy in August 2015. Phase 1 project prepa-
rations continue according to schedule with major contract
awards in place for drilling, living quarters, production facil-
ities, offshore power cables, subsea production systems and
remaining jackets.
The development plan for the Maersk Oil operated high-
pressure, high-temperature Culzean gas field offshore the UK
was approved by authorities in August 2015. The project is
progressing and contracts for subsea infrastructure, Floating
Storage and Offloading Unit (FSO), topsides, and jackets for
the central processing facility and living quarters have been
awarded recently.
The Chissonga project in Angola remains challenged due to the
low oil price. Negotiations with authorities, partners and con-
tractors are ongoing to make the project viable. Maersk Oil has
taken steps to reduce the scope of activities and the size of the
project teams in Angola and the US until there is more clarity
regarding the viability of the project.
MAERSK OIL ▸
Danish North Sea. Managing the
complexity of the infrastructure is part
of Maersk Oil's Operations Excellence.
EXPLORATION
Three exploration wells were completed in UK, Kazakhstan
and Denmark. The Danish Jude well encountered hydrocar-
bons and commercial viability is being assessed. The wells in
UK and Kazakhstan showed no signs of hydrocarbon.
In Brazil, Itaipu and Wahoo are under commercial evaluation.
Decision of extension of exploration licence or field develop-
ment is expected by the end of 2015.
DUC-TE A
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