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European Commission clears Chevron Denmark sale to Total

The European Commission said March 8 it has approved the acquisition of Chevron Denmark Inc. by Total Holdings USA Inc. No financial details were provided.

The commission said the merged company will not have increased market power on the market for the upstream wholesale supply of gas, while there will be a limited effect on the market of downstream wholesale supply of gas due to the number of alternative suppliers such as hubs in Germany and the Netherlands.

The commission's investigation focused on the markets for the upstream and downstream wholesale supply of gas in Denmark and other neighboring member states.

Chevron Denmark is engaged in the exploration and production of crude oil and natural gas from the Danish North Sea.