Chevron has sold its share of 12% of Danish Underground Consortium (DUC) to Total.
DUC operates 15 oil fields in the North Sea and covers almost 90% of the oil and gas extracted from the Danish part of the North Sea.
Chevron was a long-standing partner in DUC, but Chevron decided to downscale its activities in the North Sea as part of an overall strategy.
By this transaction, Total obtains an ownership interest of 43.2% of DUC, while Shell has an ownership interest of 36.8%, and Nordsøfonden, owned by the Danish state, has an ownership interest of 20%.
The transaction is conditional on the approval from all partners in DUC, the Danish Energy Agency and the Danish competition authorities.
Kåre Stolt, Laurits Schmidt Christensen, Lars Bruun, Noel Strange-Obel Johansen and Rune Wold advised Chevron in connection with the sale.