The move is the latest in a wave of consolidation that has gripped the sector in recent years in response to the low oil price.
Maersk is the oil and gas division of Danish giant AP Moller-Maersk, which is shedding its energy branches as it refocuses on transport and logistics.
Under the terms of the deal, A.P. Moller Maersk will get $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil's debt. By consolidating its off-shore assets with those of Maersk Oil's Total think it will realize financial synergies above $400 million annually, which could be boosted by as much as 50% should Total address some overlap in England and cut some jobs.
Patrick Pouyanne, chairman and chief executive of Total, said: "This transaction delivers an exceptional opportunity for Total to acquire a company with high quality assets which are an excellent fit with many of Total's core regions".
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The Boards of both Total and A.P. Moller-Maersk have approved the transaction.
It would be recalled that Total had also recently signed signing a multibillion-dollar agreement to develop part of South Pars - the world's largest gasfield shared between Iran and Qatar.
Total said Maersk immediately adds 1 billion barrels of oil and gas to its reserves, mostly in the North Sea, and 160,000 barrels of oil and gas production per day next year at break-evens of just $30 per barrel. Norway's Statoil (and Total for that matter) made investments in Brazil's sub-salt deepwater oil fields.
Total will take over Maersk Oil's entire organisation, portfolio, obligations and rights with minimal pre-conditions.
French supermajor Total said Monday it would become the second-largest operator in northwest Europe through a deal to acquire Danish producer Maersk Oil.
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A week ago, Maersk Oil reported an improvement in second-quarter net income on the back of higher oil prices and lower production costs.
The deal, led by one of the largest players in the global oil market, takes place at a moment of recovery in the energy field, following years of downturn. Meanwhile, Total shares were down 0.64% to change hands at €42.39.
The combination with Maersk Oil gives Total about 1 billion barrels of oil equivalent of proven and probable reserves, about 80 percent of which are in the North Sea, according to the statement.
"We are also very pleased that we will have a new anchor point in Denmark which will host our North Sea Business Unit and supervise our operations in Denmark, Norway and the Netherlands".
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