Maersk to Exit Norway's Dvalin

Denmark's Maersk Oil has confirmed that it has exited the Dvalin (formerly Zidane) gas development in the Norwegian Sea but given no more details.

Dvalin operator DEA Group however told NGW on October 5 that Maersk's 20% interest will be equally split between DEA and Norwegian state Petoro.

"Depending on approval from the [Norwegian] parliament, DEA and Petoro have an agreement to take 10% each of Maersk's share when they withdraw from the licence; we are not in a position to disclose further details about this," said a DEA spokesperson.

 Gretchen H Watkins became Maersk Oil CEO on October 1 (Photo credit: Maersk Oil)

Reports from Norway indicated that Maersk would relinquish its 20% stake without any payment, rather than have to fund its equity share of the €1.1bn (Nkr10bn) development that was due to produce first gas in 2020; the plan for Dvalin's development was submitted on October 3.

DEA said then that OMV, which also holds a 20% interest, was divesting its Dvalin stake to Petoro. Assuming both moves are approved, Russian-owned DEA will be left with a 50% operating interest in Dvalin, partnered by Petoro with 30% and Italy's Edison with 20%.

Maersk is understood to be reviewing non-core assets under its new CEO, in the wake of a decision to restructure parent group AP Moeller-Maersk. Maersk also faces a key decision over whether to invest in a major upgrading of its offshore Tyra gas process and export hub offshore Denmark.  

Mark Smedley