Danish marine giant AP Moller Maersk said today it was looking to boost production in its global oil and gas arm by 50% to 400,000 barrels a day by 2020.
Maersk said the increase, from a current 265,000 barrels of oil equivalent per day, would come from “maximising output from current assets and from field development projects, already sanctioned or very likely to be so in the near future”.
“We have the financial resources, the skills and the execution experience it will take to reach a production level of 400,000 barrels per day,” group chief executive Nils Andersen said.
The firm said it would continue to spend £623million a year on exploration activities to meet the target.
Earlier this year the firm’s UK business, Maersk Oil North Sea UK said it is aiming to double its daily production of 40,000 barrels of oil equivalent in the next five to six years.