In February 2016, Maersk Oil completed the entry into five East African licences, covering an area similar to the entire North Sea region. The new acreage is an investment in future production.
“The lower oil price and associated falling costs in the supply chain have presented opportunities in the current market. This deal is an example of that,” says Maersk Oil’s Chief Growth Officer Ebbie Haan.
The completion of the transaction follows the recent approval by the Kenyan and Ethiopian governments and includes Maersk Oil acquiring 50% of Africa Oil Corporation’s share in three onshore exploration licences in the Turkana region of northern Kenya and two licences in the Southern part of Ethiopia.
“We look forward to adding value to the partnership. The entry into Kenya is part of our commitment to pursuing profitable growth. By building the exploration business with new acreage positions and pre-development discoveries, we can balance the risk profile of our portfolio,” says Haan.
The licences cover an area of approx. 100,000 km2 and include nine recent oil discoveries, with ongoing exploration and appraisal activities. Four of the blocks are operated by Tullow Oil and one by Africa Oil.
The maps shows Maersk Oil’s presence in the North Sea and East Africa in the same scale.
A new External Relations and Communications function in Maersk Oil is committed to providing leadership and best practice in regards to
stakeholder engagement across the life-cycle of all of projects.
The ability to understand and engage with a range of external stakeholders is an increasingly important differentiator for oil and gas companies, with cost overruns, project delays and failures resulting from non-technical, “above-ground” risks. When entering new countries, as Maersk Oil did recently in Kenya and Ethiopia, a deep under-standing of the stakeholder picture is essential, with the quality of external relationships often proving a key factor in determining long-term success.
“The wider functional remit for External Relations is about partnering with the business units in a different way and being there as a trusted advisor on key projects and country relationships,” says Head of Stakeholder Relations at Maersk Oil, Mark Joyce. He continues:
“We need to be strategic about how we manage our stakeholder relationships from the beginning and throughout a project’s lifecycle, not just in sequence with key milestones and deadlines.”
Head of Stakeholder Relations Maersk Oil