Maersk Results Presentation Deck
A.P. Moller Maersk Group
- Interim Report 02 2015
Exploration costs were USD 109m (USD 172m) with the com-
pletion of three (three) exploration/appraisal wells. Maersk Oil
continues to evaluate the costs and benefits of its exploration
activities given the oil price expectations.
The decrease in tax of USD 463m to USD 272m was mainly due
to lower current tax related to Denmark, Qatar and Algeria be-
cause of the lower average oil price.
Cash flow from operating activities was USD 611m (USD 718m);
lower than last year mainly due to the lower oil price. Cash
flow used for capital expenditure was USD 502m (USD 546m).
PRODUCTION
The increased entitlement production was a result of a higher
production share in Qatar where the decreased oil price gives
more barrels for cost recovery as well as strong operational
Entitlement share of production
Thousand barrels of oil equivalents per day (boepd)
160
140
120
100
80
60
40
20
0
92
120
Qatar
Contents
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UK Denmark Algeria Kazakhstan US
02 2014
02 2015
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Brazil
performance in particular in the UK and production from the
new fields Golden Eagle in the UK and Jack in the US.
DEVELOPMENT
The development project at the Al Shaheen field offshore Qatar
is progressing as planned. Maersk Oil Qatar is now more than
half way through the drilling programme planned to reach a
total of 50 wells.
A plan for development and operation at a cost level of USD
1.8bn (Maersk Oil's share) for the Johan Sverdrup field offshore
Norway was submitted in 01 2015 and final sanctioning by au-
thorities is expected in 03, pending approval by all partners of
the revised equity split from the authorities, which increased
Maersk Oil's share from 8.12% to 8.44%.
The high-pressure, high-temperature Culzean gas field offshore
the UK reached internal project approval in June 2015. Partner
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approval was received in July 2015 and sanction from the au-
thorities is expected in the second half of 2015.
In Angola, the Chissonga project remains challenged due to the
low oil price. Negotiations with authorities, partners and con-
tractors are ongoing to make the project viable.
EXPLORATION
Three exploration wells were completed in Kurdistan, Kazakh-
stan and Denmark. Two of the wells, the Kurdish Swara Tika
East well and the Danish Xana well discovered hydrocarbons
and potential commercial developments are being assessed.
The third well, located in Kazakhstan, came out dry.
In Brazil, Itaipu and Wahoo are under commercial evaluation.
Decision of extension of exploration license or field develop-
ment is expected by the end of 2015.
MAERSK OIL
The large field
development plan,
FDP2012, of the
Al Shaheen field
off shore Qatar
is progressing
as per plan.
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