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Berlingske: North Sea agreement in place

Berlingske: North Sea agreement in place

01-03-2017 12:00:00


According to Berlingske, the government agreed with Maersk on a new agreement that ensures new investments in the Tyra field - and thus the Danish oil and gas extraction continues.

According to Berlingske Business, the state has reached an agreement with A.P. Møller Maersk, which will mean new investments of 30 billion. kr. and employment for 4,000 workers.

The agreement has not yet been approved by the parliamentary parties. And Finance Minister Kristian Jensen has no comment, while A.P. Møller Maersk told Berlingske that "the agreement is not settled yet."

According Berlingske's sources, the new agreement means that the rate of tax depreciation is increased from 15 to 20 percent. In addition, hydrocarbon tax, which now accounts for five percent, will be raised to 6,5 percent for a period of six years.

Should the oil price increase from the present level of approximately $ 56 to $ 75 over more than a year, producers are required to pay 2,5 percent of their profits from hydrocarbon extraction. If oil prices rise to $ 85 on average, extra tax will increase to 5 percent, according to Berlingske Business.

The lengthy and darkened negotiations between the government and Maersk Oil on the new framework conditions for the extraction of oil and gas in the North Sea, are on track to end on a positive note. It was revealed at today's teleconference in connection with the publication of A.P Møller Maersk's financial statements for 2016.

Shortly before the New Year, Maersk Oil announced that the closure of the Tyra field would start soon, because a comprehensive modernization of the field would not be profitable under the current tax terms. The negotiations with the government on new terms were then resumed - and the positive outcome of these negotiations was surprisingly announced by A.P. Møller Maersk in connection with the presentation of the annual accounts:

"We are in a constructive dialogue with the Danish Government, and we expect to achieve a result that will ensure the reconstruction of the Tyra field soon," said Deputy Director Claus V. Hemmingsen on that occasion.

According to Berlingske Business – an agreement is almost ready for approval by the Parliamentary other parties.

This paves the way for strengthening Maersk's energy division to be separated from the company.

Source: The editors of Maritime Denmark


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