Maersk
Maersk

In light of the continued pressure the oil industry is under due to low crude prices and the challenging market conditions for deepwater developments, Maersk Oil plans to reduce its organizations in Angola and the US. The move will result in the closure of the company’s Houston office and a reduction of the Luanda team.

Maersk
Maersk

The decision follows extensive and ongoing work to reduce capex and improve returns of the un-sanctioned Chissonga project in Angola. Options include a future project developed jointly with other hydrocarbon discoveries in the same region.

“Chissonga, like many deepwater projects in our industry, remains economically challenged in the current market environment. Maersk Oil remains committed to the Chissonga project and we have evaluated multiple options to commercialize these resources in the best interests of our partners and the Angolan authorities. In addition to work to reduce overall project costs we are also looking at options for a possible joint development,” says Maersk Oil’s COO Gretchen Watkins.

“A further restructuring of the Chissonga project team is a necessary step on the path to securing a future development project for Maersk Oil in Angola. This difficult decision does not diminish our keenness to pursue the Chissonga project sanction in due course, provided we can achieve an attractive return on our investment,” she continued.

Of the approximately 100 employees and contractors impacted by the changes, around 60 are in Houston and about 40 in Luanda. The changes will transfer some responsibilities for the project to Maersk Oil’s Copenhagen headquarters and leave an office of 18 people in Luanda continuing the Chissonga project maturation.

Source: petroleumafrica.com

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