Total Buys Chevron’s Interest In Danish Underground Consortium

French oil and gas major Total SA (NYSE: TOT) said it has agreed to take all of Chevron Corp.’s (NYSE: CVX) share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence.

The acquisition comes a day after Total announced a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.

“Following the completion of the Maersk Oil acquisition, this deal is a great opportunity to further expand our presence on the Danish Shelf and increase our interest in an asset operated by Total,” Michael Borrell, Total’s senior vice president for the North Sea and Russia, said in a statement.