Oil boost for Total

FRENCH energy giant Total is acquiring the oil business of Danish group A.P. Moller-Maersk in a $7.45billion (£5.8billion) deal including debt.

It means Total will be the second biggest offshore oil producer in the North Sea behind China National Offshore Oil Corporation.

The deal will boost its production by about 160,000 barrels a day in 2018 and add one billion barrels of oil equivalent to its reserves, more than 80 per cent of which will be in the North Sea.

Offloading its oil business will let Maersk focus on its transport and logistics business.