The loss of a major production contract has raised speculation that the owners of Maersk Oil might either put the business up for sale or beef it up with further acquisitions.
Analysts said Maersk could fetch a price tag of up to £10billion if its parent company, AP Moller-Maersk, pressed ahead with a plan to break up the business which also owns the world biggest container line.
But Jakob Thomasen, head of Maersk Oil, said the loss of the contract to operate Al-Shaheen, Qatar’s largest oilfield, could free up the firm to focus on building on its business in other areas including Kenya and the North Sea, where it is pressing ahead with its £3billion Culzean gas development.
He said: “We see good opportunities for creating value in the North Sea area.
“We’re still on the look-out for expanding the business.”
Maersk Oil lost the contract to operate Al-Shaheen, which made up 40% of Maersk Oil’s output last year, to French rival Total.
When asked about the future of Maersk, Mr Thomasen referred to the strategy review process at the Danish conglomerate which should result in an announcement before the end of third quarter.
Analysts said that without the Qatar contract Maersk Oil would probably be too small to be listed as a stand-alone company, and that the business could therefore become a takeover target for larger oil companies.
Morten Imsgard, an analyst from Sydbank said: “After this Maersk Oil looks like a more obvious divestment candidate.”
He said the price tag for Maersk Oil could be between £5.5billion to £10billion.
Total won a 30% stake in a new 25-year contract to operate Al-Shaheen, a blow to Maersk, which has been operating the oilfield since 1992.
The Danish company said it had provided a “very competitive” bid for the Qatar field, but also one that would have generated a profit for the company.
Mr Thomasen said that the conditions in the new contract were changed a lot from the old one.
He said: “Going forward it gives us clarity and gives us a good opportunity to focus on building on our material business in the North Sea, and in Kenya and other areas.”
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