European Commission Approves Acquisition of Chevron Denmark by Total – Statement

BRUSSELS (Sputnik) - The European Commission on Friday cleared the acquisition of Chevron Denmark, a subsidiary of US energy giant Chevron, by French energy company Total, the commission’s press service said in a statement.

"The European Commission has approved, under the EU Merger Regulation, the acquisition of Chevron Denmark Inc. by Total … Commission concluded that the proposed acquisition would not raise competition concerns. On the market for upstream wholesale supply of gas, the Commission found that the merged entity would not have an increased market power," the statement read.

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The deal has reportedly increased Total’s shares in the Danish Underground Consortium (DUC) from 31 percent to over 43 percent. The DUC is an offshore oil and gas joint venture, where Nordsofonden, a Danish state-owned energy company, owns 20 percent alongside other shareholders.

DUC operates in the North Sea and covers almost 90 percent of Denmark’s oil and gas production. in 2018, Total has bought out Mollers-Mærsk's shares and became an operator of the consortium.