AP Moeller Maersk A/S's Maersk Oil Updates on FY 2020 and FY 2012-2014 Production Guidance

Tuesday, 9 Oct 2012 02:11am EDT 

AP Moeller Maersk A/S announced that its Maersk Oil targets an entitlement production level above 400,000 boepd to be achieved by the fiscal year 2020. This target will be achieved by efficient utilization of existing assets and by developing a number of identified projects. The four sanctioned field developments have an aggregate share of production in the range of 58,000 boepd (barrels of oil equivalent per day) with first oil in the fiscal year 2012-2014. The discoveries under evaluation but not yet sanctioned have a potential share of production around 160,000 boepd. In order to reach the production target and secure a stable resource growth Maersk Oil expects an investment phase ahead in addition to high exploration costs in the area of USD 1 billion per year. 

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