The deal is a vote of confidence in the North Sea, where around 80% of Maersk's reserves are located. The transaction is expected to close in first quarter 2018.
Total said the combination with Maersk Oil offers it an "exceptional overlap" of upstream businesses which will increase its competitiveness through growing assets and $400 million in annual cost-saving synergies. Mr Pouyanné said that the additional value to the company's portfolio would help it reach a lower breakeven oil price.
Although oil prices have recovered of late to trade around $50 a barrel, they are still around half the level they were just three years ago. The 2018 production will have an estimated free cash flow break-even of less than $30/bbl.
The deal with Total is expected to be completed sometime in early 2018 - pending approval from the competition authority. It will also take over all decommissioning obligations, worth around $2.9 billion.
The oil division of A.P. Moller-Maersk grew out of the split from the company past year and it started 2017 by saying it was working to improve its efficiency under the reorganization by cutting about 160 positions.
Total said it would make Denmark its new operating hub for Total's combined operations in Denmark, Norway and the Netherlands. Known as a scrip dividend, paying investors in shares has allowed Total to preserve cash but has also diluted its share pool and weighed on its value.
Slight uptick in Napa unemployment rate
In June, the state's unemployment rate was 4.7 percent, and in July 2016, the unemployment rate was 5.4 percent. Conversely, the state's adjusted rate increased one-tenth of a percentage point in July to 2.4 percent.
Ryan Tannehill Out For 2017 With Surgery On ACL
Tannehill was coming off a career-year in his first season under Gase, completing 67.1 percent of his passes for 2,995 yards. As with Cutler, Tannehill had enjoyed his best season under the tutelage of Gase, who was hired by Miami a year ago .
Preseason AP poll: Georgia ranked same place as coaches poll
It is also OU's highest preseason ranking under a first-year coach since beginning at No. 2 under Gomer Jones in the 1964 season. And that includes on Twitter, where fans and experts alike shared their opinions on where the teams placed, or didn't place.