Based in Copenhagen, Denmark, Maersk Oil occupies a spot as one of the largest oil and gas companies in the region. This privately held organization was founded in 1962 by Arnold Peter Møller and Mærsk Mc-Kinney Møller. The company was formed when its owners were given the opportunity to begin oil exploration in the North Sea. In 1986, the company added to its holdings when it took over the Dansk Undergrunds Consortium’s oil and gas contract in the Danish section of the North Sea. At that time, the company was known as Dansk Boreselskab.
While maintaining international operations in countries like Angola, Qatar, Greenland, Denmark, Algeria, Kazakhstan, United Kingdom, United States, Norway, Brazil, Kenya, Ethiopia, Kurdistan Region of Iraq, the company’s crude oil production levels have reached as high as 550,000 barrels of oil equivalent per day. Not only have they established operations in these countries, but the company also maintains partnerships with some of the industry’s biggest players throughout the world. It’s worth noting that the company specializes in using new technologies to extract and convert oil from challenging oil fields.
In recent news (August 2015), the company signed on with the UK Oil And Gas Authority to head-up a consortium that has begun oil exploration operations in the Culzean oil and gas fields. When operations hit its expected peak in 2020, these oil fields are expected to yield as much as 300 million barrels of oil per day.
Maersk Oil maintains its headquarters in Copenhagen under the leadership of Jakob Bo Thomasen (CEO), Graham Talbot (CFO) and Gretchen Watkins (COO). As of 2015, the company had 4,400 employees. As reported to its parent company, the A. P. Moller-Maersk Group, Maersk Oil reported US$5.639 billion in revenues for the fiscal year ending in 2015. These revenues were converted into US$435 million of net income derived from a fixed-asset base of right around US$8.681 billion.