Denmark’s days as oil exporters are over
The Danish oil adventure is over. After 25 years of exporting oil, Denmark is once again depended on importing oil from other countries, according to a new prognosis by the Danish Energy Society. There is still enough gas to export the next 18 years.
The prognosis has reduced the future oil production in Denmark by 8 percent, compared to what the Energy Society assumed a year ago. This is partly because start-up date for several fields and funds are expected to be postponed, and that the reconstruction of the Tyra field will mean a decline in oil production by 2020 and 2021
Reserves and contingent resources per january 1, 2018 amounted to 139 million. m3 oil equivalent to 18 years of oil consumption. In the case of gas, reserves and contingent resources per January 1, 2018 amounted to 72 billion. Nm3, which is equivalent to 30 years of gas consumption.
The Danish oil and gas export generates large amounts of money for the Danish treasury, and benefits the Danish payment balance to foreign countries.