Klik venligst
danmarks-rederiforening.gif

Low oil prices cause losses in Nords°fonden

Low oil prices cause losses in Nords°fonden

01-05-2017 12:30:00


For the third consecutive year, the state-owned company Nords°fonden experiences a big loss. In 2016 it was DKK 443 million. Which, however, was significantly less than the loss in 2015 of DKK 1,352 million, characterized by major write-downs and significant expenses for a lost arbitration case.

Nords°fonden is a part of DUC, and the fund's share of production fell by approx. 10 pct. compared to the previous year due to the natural decline in production from the fields. Oil production was 8.4 million barrels while gas production was 690 million m3, approximately as much as in 2015 production.

The lower oil production combined with the very low average oil price of $ 44 per barrel resulted in a total turnover of 3.2 billion DKK. 700 million DKK less than the year before, while the fund's share of production costs amounted to 1.4 billion DKK.

The arbitration case that ended in 2015 had no significant impact on the financial statements for 2016 but charged liquidity by 550 million DKK.
If the average oil price in 2017 remains at the current level of approximately $ 53 per barrel, the company expects a profit of approximately 100 million DKK based on a continued natural decline in production.

The fund expects investments of approximately 700 million DKK this year, which is slightly lower than in 2016, it is stated in the Fund's annual calculation.
Source: Nords°fonden / Maritime Denmark


Klik venligst

< Front page

Copyright ę Maritime Denmark



Breaking News

- Maersk Oil's statement is inadequate
- New strategic plan for the North Sea
- Bladt constructs the first Beatrice foundation
- Vestas upgrades 3 MW turbines to 4 MW
- DONG booming in Britain
- Danish wind road show underway in the US
- MHI Vestas charters Vestvind
- DONG uses battery solution at wind farm
- Statoil: Floating turbines in US and Japan
- Recordbreaking turbines from Vestas again
- DONG businesses sold for 8,7 billion DKK
- Race Bank produces electricity for first time


Todays Top 5

- Wesmans is expanding!


This weeks Top 10

- Wesmans is expanding!
Klik venligst
Klik venligst
Klik venligst
Klik venligst
Klik venligst