Oil and gas company Total has agreed to purchase Maersk's oil business for £5.8 billion.

The deal will see Total take over Maersk's assets in the UK sector of the North Sea, including the Culzean gas field which is located around 145 miles east of Aberdeen.

The deal is subject to relevant approval of regulators.

Total's Chairman and Chief Executive Officer, Patrick Pouyanne, said: "This transaction delivers an exceptional opportunity for Total to acquire, via an equity transaction, a company with high quality assets which are an excellent fit with many of Total's core regions.

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"The combination of Maersk Oil's North Western Europe businesses with our existing portfolio will position Total as the second operator in the North Sea with strong production profiles in UK, Norway and Denmark, thus increasing exposure to conventional assets in OECD countries."

Søren Skou, CEO of A.P. Moller – Maersk, added: "Maersk Oil's activities across the North Sea will become part of a leading global operator with a strong performance record and long-term growth interest in the sector. The combination of Total and Maersk Oil's global footprint and geographical overlap will ensure the continued development of Maersk Oil's worldwide strategic and selective assets."

(LM/MH)