A.P. Moller-Maersk oil subsidiary gets O.K. for Kerr-McGee purchase
A.P. Moller-Maersk said all the necessary approvals for its subsidiary Maersk Olie og Gas (MOG) majority purchase of Kerr-McGee Corp.’s U.K. oil and gas interests have been obtained.
MOG agreed to pay $2.95 billion to acquire interests in 10 producing fields with a current total share of production of some 60,000 barrels of oil equivalent per day. In addition, a number of smaller oil and gas discoveries as well as an exploration portfolio will be acquired.
A.P. Moller-Maersk expects the transaction to be completed within two weeks.