Danish company buys a piece of American oil firm

| Monday, August 08, 2005

Less than a week after a Chinese-owned company retreated from its bid to take over an American oil company, another foreign company has its eyes on an American venture.

AP Moeller-Maersk, a Denmark-based oil and transportation company, has signed a deal to purchase British North Sea oil and gas interests from U.S. oil and gas producer Kerr-McGee Corp.

Maersk officials said in a news release that the company will acquire interests in 10 oil fields with production levels of about 60,000 barrels per day.

Centrica PLC, a British utility company, is also buying four fields from Kerr-McGee, according to Reuters.

The total value of both deals is estimated at about $3.5 billion.

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