State revenue from North Sea was halved
The low oil prices in 2015 meant that state revenues from the North Sea was halved to around 9,3 billion kroner, according to the financial statement, the DEA announced today. It is a halving of revenue from 2014, when revenue was approximately at 18,8 billion kroner.
State revenue in 2015 was around 9,3 billion kroner from oil and gas production in the North Sea and accounted for approximately 60 percent of total profits. This corresponds to just over 1,600 kr. for each citizen of Denmark, as oil and gas production continues to provide a significant contribution to the economy.
The decrease in revenue was primarily due to a sharp drop in oil prices in the period from the second half of 2014 until the beginning of 2016. Only a very small part of the decline is due to the decline in production. This is according to the financial statements and projections for Denmark's oil and gas production, the DEA announced today on its website.
The total value of Danish oil and gas production in 2015 is estimated to 24,8 billion kroner. According to the statement the production value is distributed with approximately 20 billion kroner from oil production and 4,8 billion from gas production. The production value is determined by supply and demand in oil and gas, dollar and volume of production.
The section on resources and forecasts are usually part of the annual reporting on Denmark's oil and gas production. The economy section is the latest in the phased release of the annual report for 2015.
Source: Energistyrelsen / Maritime Denmark