Nordsøfonden's Financial Statements for 2016 affected by oil prices


During 2016 Nordsøfonden's share of produced oil and gas amounted to 8.4 million barrels of oil and 680 million m³ of gas in total corresponding to almost 25 per cent of the total Danish consumption of oil and gas. This is seen in the Annual Report for 2016 for Nordsøfonden and Nordsøenheden released today.

The total turnover from Nordsøfonden's sale of oil and gas in 2016 amounted to DKK 3.2 billion. The result of Nordsøfonden was DKK -443 million compared to -1,353 million for 2015. This result is primarily caused by the present low level of the oil prices. Furthermore, a write-down of fixed assets has influenced the result of the year and equity negatively by almost DKK 158 million net after tax. The write-down is primarily caused by uncertainty about future prices of oil and gas.

In 2016 Nordsøfonden invested almost DKK 2.3 billion in exploration, production plants and maintenance of fields.

Gas – a tool for the Green Transition

Denmark has already come a long way with the green transition, but for many years to come oil and gas will continue to play a significant part in the supply of energy. Revenues from production of oil and gas in the Danish sector of the North Sea will contribute to financing the green transition. During the remaining period of the transition, natural gas will also substitute coal for production of electricity and district heating.

Highlights in 2016

In 2016 a high-priority activity for Nordsøfonden has been to ensure that no significant reserves in the Danish underground are left unexploited. An accessible infrastructure is an important factor.

In March 2017 the Government, and on behalf of DUC, the Concessionaires, agreed to an improved framework for production of oil and gas from the North Sea. The agreement gives better terms for the redevelopment of the installations on the Tyra field and thereby continued production from the field and its nearby satellite fields. The improved conditions also cover future projects in the North Sea, thereby creating a more attractive investment climate in the Danish sector of the North Sea. All through 2016, Nordsøfonden has actively participated in reaching this agreement.

”The improved framework will offer the basis for the long-term development of the Danish sector and thereby help make modern infrastructure available to the other licences. This will ensure that a larger part of the Danish resources can be recovered and provide us with our own production of oil and gas many years to come,” states Birgitta Jacobsen, Director of Nordsøfonden.

In 2016 an important event was the award of 16 new licences in the 7th Licensing Round, thereby promoting the exploration of the Danish area in the years to come. The licensing round attracted a number of new companies that have not yet operated in Denmark, while other companies extended their areas of interest. The number of Nordsøfonden’s international partners has hereby increased to 17 partners in 2016Throughout 2016 intense work was focused on the development of the Ravn field, and first oil from the field was produced in the beginning of 2017. The Ravn field is the first producing field outside the Sole Concession in which Nordsøfonden is a partner.


See the Nordsøfonden and Nordsøenheden Annual Report for 2016