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Maersk Oil raises investment in Tyra offshore field in North Sea

Tyra offshore field

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The oil and gas division of the Danish conglomerate A.P. Moller-Maersk, Maersk Oil, found partners and raises investment in Tyra offshore field in North Sea. The company will be supported by British-Dutch oil giant Royal Dutch Shell and other oil producers in investment of 21 billion DKK (3.4 billion USD) in the largest gas condensate field in the Danish Sector of the North Sea.
The news are relatively surprising, as last year Maersk Oil announced that Tyra field would be closed in 2017 as “it is close to the end of reserves”, as well as other economic reasons. Then the price of raw material was lower and exploitation of the field was not economically effective.
The group has announced today that the re-development of the Tyra offshore field will ensure a steady production for at least 25 years. The company said it would be able to provide power to 1.5 million Danish homes at its peak.
In August, French energy group Total agreed to buy Maersk Oil in a deal worth 7.45 billion USD, which is still subject to regulatory approvals. It is expected to be completed in the first quarter of 2018.