Maersk ready to sell Angolan assets

After six challenging years, Mærsk is now considering selling its oil venture in southern Africa

Sep 9, 2014

Jyllands-Posten reports that Maersk Oil and Gas may be selling a significant portion of the company's shares in the Chissonga oil field in Angola.

According to high-ranking sources, one of Mærsk's most important oil ventures is facing an uncertain future.

Partnering up or selling
Maersk owns 65 percent of the Angolan oil business, while the local government holds 15 percent.

However, the company is now exploring the market for potential partners. But it may ultimately decide to leave altogether.

Costly venture
Since 2008 Maersk Oil has spent about 8 billion kroner on the prestigious project in Chissonga.

From the start, the company has faced a number of challenges. But now it has reached a point where even more investments are needed before any oil can be extracted.

In light of this, Jyllands-Posten reports that Mærsk wonders whether it should continue pouring millions into the venture from its own pocket.

Difficult times for Mærsk Oil
The possible sale in Angola comes shortly after Maersk had to make a painful write-off of its Brazilian oil activities.

The entire oil branch of the Mærsk Group is currently under huge pressure to deliver results.

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