Annual Reports 2015 for Nordsøfonden and Nordsøenheden

26-04-2016

Nordsøfonden’s share of the oil and gas production for 2015 amounted to 9.5 million barrels of oil and 700 million m3 of gas – corresponding to approximately one quarter of the total Danish oil and gas consumption.

Revenues from Nordsøfonden’s oil and gas sales in 2015 amounted to DKK 4.5 billion. Nordsøfonden has in 2015 transferred DKK 2 billion to the State as taxes and dividend and spent almost DKK 3 billion on exploration and on investments in and operation of production facilities.

The drop in oil prices has affected the financial result

The drastic drop in oil price has reduced Nordsøfonden’s result. Low oil prices have led to write-downs in many oil and gas companies, which is also the case for Nordsøfonden. Based on the oil prices in 2015 Nordsøfonden’s assets have been written down by almost DKK 750 million net after tax.

The net result for 2015 ended on DKK -1,353 million (DKK -620 million in 2014).

Nordsøfonden’s result for 2016 will also be highly dependent on the development of the oil price. At current oil prices, USD 40 a barrel, Nordsøfonden expects a negative result at around DKK -800 million. 

The long-term perspective

To ensure long-term production from the Danish North Sea, Nordsøfonden firmly believes that it is crucial that the current level of oil prices does not lead to short-term sub-optimization:

"A cornerstone of long-term production is a full re-build of the Tyra field - a central hub in the Danish North Sea's infrastructure. The re-build is the basis for continued production from neighbouring fields, and will ensure that a modern infrastructure can be made available for the new 7th Licensing Round licences," says CEO Peter Helmer Steen.

 

Annual Report for Nordsøfonden and Nordsøenheden 2015