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The state will withdraw from North Sea fields

The state will withdraw from North Sea fields

02-05-2017 11:00:00

The state will not continue as co-owner of the North Sea fields operated by DONG Energy when the company sells its oil and gas activities later this year. It happens even though the state has been struggling to become a co-owner for more than 30 years, Berlingske Business writes.

Due to the fact that the state is no longer co-owner of the fields, government revenue from Danish oil and gas production in the North Sea will fall, albeit only marginally, as the main income is derived from taxation.

The Labor Movement's Business Council is critical of the state withdrawing from the DONG-owned fields in the Danish part of the North Sea.

"It is our underground; it is the country's underground. I think it’s good to have a degree of government insight and a degree of government profit sharing," says Lars Andersen, Director of the Workers' Business Business Council to the newspaper.

The announcement that the state will withdraw from the fields is based on the sources of the newspaper, as well as DONG's Finance Director, Marianne Wiinholt, who confirmed that continued state-owned ownership of the fields has not been a problem in the sale of its oil and gas activities.
The state is the main shareholder in DONG.

Source: Berlingske Business / Maritime Denmark

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