On 3 December, a broad majority of the Danish Parliament set an end date for the production of oil and gas in the Danish part of the North Sea. The agreement provides a clear framework and security for the industry. In addition, the 8th Danish Licensing Round and all future licensing rounds are cancelled.
Press release from the Danish Ministry of Climate, Energy and Utilities.
The agreement ensures the continuation of the existing activities in the Danish part of the North Sea and provides opportunities for future mini-rounds and neighbouring block licenses. Nordsøfonden looks forward to continuing to produce energy and raw materials for the Danish society.
Nordsøfonden will continue to focus on creating the greatest possible value for Danish society and work to support a high degree of self-sufficiency in energy for Denmark. A key element of this work is the redevelopment of the Tyra field. When back in operation, the Tyra facilities will once again be the central hub for the vast majority of gas produced in the Danish part of the North Sea. The new state of the art Tyra facilities will also be significantly more energy efficient than their predecessors.
The new agreement also allocates funds to explore the possibility for capture and storage of CO2 in the subsoil and to analyse the potential for electrification of the Danish production of oil and gas. Nordsøfonden sees great potential in CCS technology, and we are already investigating the possibilities for electrification of facilities in the Danish part of the North Sea together with our license partners. These technologies will contribute towards Denmark's goal of a 70% reduction in CO2 emissions by 2030.