Maersk Oil, a unit of Danish conglomerate A. P. Moller-Maersk, will focus on building on its operations in the North Sea and in Kenya, after it lost the contract to operate Qatar's largest offshore oilfield.
Maersk Oil owns 25 per cent of of the three exploration blocks owned by Tullow and Africa Oil Corp.
France's Total on Monday won a 30 per cent stake in a new 25-year contract to operate the Al-Shaheen oilfield, a blow to Maersk, which has been operating the oilfield since 1992.
"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," the head of Maersk Oil Jakob Thomasen told Reuters in a telephone interview.
Maersk has operations in the British, Norwegian and Danish parts of the North Sea.