Maersk is ready to invest in Angolan Oil Field

Danish shipping and oil group A.P. Moller-Maersk reported a third-quarter net profit above forecasts and kept its full-year profit guidance.
Chief Executive Nils Smedegaard Andersen made the following comments in a conference call with Danish media:
About Overall Development:
“We are very pleased with the results. It is better than what we have hoped for and cash flow is so strong we feel further confirmed that we are very well prepared for future competition.
“In general, in times with tougher competition and pressure on competitors’ earnings, opportunities to buy assets may arise. This could for instance be an oil field. We think it is cheaper to buy oil fields than to undertake exploration. That’s why we have reduced oil exploration. In addition other options could come up such as investment opportunities in ports as we are always looking for.
“We have for some time expected the oil price to go down to $80 to $90 dollar per barrel and it is also a level that we see as reasonable – both for the oil industry and the transportation industry.”