Assets include the high-pressure, high-temperature Culzean field, now under development (49.99% Working Interest), close to Total's Elgin-Franklin hub, and a stake in the giant Johan Sverdrup oil development (8.44% Working Interest) in Norway.
French oil giant Total has agreed to buy Maersk Oil for $7.45bn.
Total shares were 0.6 per cent lower in Paris at €42.41 as of 11.02am Luxembourg time, according to data from Bloomberg.
Today, A.P. Møller - Mærsk A/S (APMM) has entered into an agreement to sell Mærsk Olie og Gas A/S ("Maersk Oil") to Total S.A. for United States dollars 7.45bn in a combined share and debt transaction.
Total has proved more resilient than many other oil companies following the price slump that struck the industry from 2014, cutting costs faster and earlier, which is now allowing it to invest in new projects. As owners, we seek the best foundation for the future growth of the Maersk Oil activities and the focused development of the Danish North Sea.
Total will maintain Maersk Oil's strong position in the North Sea with Copenhagen and Esbjerg bases and with Denmark being the operating hub for Total's combined operations in Denmark, Norway and the Netherlands.More news: Germany Urges Spain Not To Extradite Writer To Turkey
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The acquisition will transform Total into the second-largest operator in the North Sea.Mr Pouyanné said that the additional value to the company's portfolio would help it reach a lower breakeven oil price.
The combination with Maersk Oil offers Total an exceptional overlap of upstream businesses globally which will enhance Total's competitiveness and value in many core areas, in particular through some high-quality growing assets, Total said in its statement.
This acquisition will boost the oil giant's position among its competitors. Total said the production it is buying from Maersk can generate free cash flow at less than $30 a barrel.
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark. The Danish company's main shareholder, A.P. Moller Holding, could also get a board seat, that is very important to Maersk.
Total is also taking over short-term debt valued at Dollars 2.5 billion and closure obligations worth USD 2.9 billion. Total will update its company-wide cost-savings plan in mid-September, said Pouyanne.