Nordsøfonden continues to contribute to the state treasury

02-05-2024

Nordsøfonden's net result in 2023 was a profit of DKK 396 million, and corporation and hydrocarbon taxes in the amount of DKK 622 million were paid to the treasury. This net result comes in a year where the ongoing redevelopment of Tyra II meant lower production and large investments. This is the picture revealed by the Nordsøfonden and Nordsøenheden annual report for 2023, which is being released today.

Lower prices are reflected in the result

Last winter's energy crisis is not completely over, but the energy supply was less affected in 2023 than the year before. This has resulted in more stable prices for oil and gas, and the price level in 2023 has been approx. a third of the price seen in 2022, which featured historically high gas prices.

The lower prices meant a more than halving of Nordsøfonden's net profit, which was DKK 396 million in 2023. However, the profit still exceeds both 2020 and 2021, when oil and gas prices were lower than in 2023. 

Key Figures 2023 for Nordsøfonden:
 

Oil produktion:                       3.8 million barrels

Gas produktion:                      2.0 million MWh  

Paid hydrocarbon taxes:          DKK 622 million

Net result:                              DKK 396 million  

Total investments:                  DKK 1.2 billion  

Investments in Tyra:                DKK 850 million

Production costs:                    DKK 1.2 billion

Exploration activities – oil and gas:                   DKK 9 million

Exploration activities – CO2 storage:                 DKK 44 million 

Tyra II is producing again

The redevelopment of Tyra II was once again Nordsøfonden’s most significant activity in 2023, and during the year, the partners in DUC worked intensively to get the new Tyra II ready for operation. In 2023 alone, more than 3 million working hours were used offshore on the Tyra II facilities.

With the start of gas export from Tyra II in March 2024, the increased Danish production of oil and gas can contribute to Europe's security of energy supply. At the same time, one of the largest construction projects ever undertaken in Denmark is nearing its completion. For almost 10 years, everyone from welders and electricians offshore to the engineers and suppliers from all parts of the world have contributed to the work of creating a high-tech village in the North Sea, 54 meters above sea level and 225 km from the west coast of Jutland.

There is now a period pending, where production is increased in a controlled manner by connecting more wells and surrounding satellite fields.

 "The restart of production from Tyra II is an important step to ensure a stable supply of oil and especially gas to Denmark and Europe. The supply situation in Europe may continue to be under pressure for several years to come, and the Danish production of oil and gas can be an important contribution to the energy supply.” says CEO Birgitta Jacobsen.

The development of carbon storage continues

Work on developing carbon storage in the Danish underground continued in 2023, and Nordsøfonden became a partner in the first three offshore carbon storage licenses in February. In addition to being a partner in all licenses for carbon storage, Nordsøfonden also participates in a number of CCS projects on infrastructure, information efforts, etc.

"The Danish underground will be a key tool in achieving our climate goals, and the storage potential in the Danish underground is significant. Nordsøfonden has both experience and insight into the Danish subsoil, which provides us with an excellent base for developing and strengthening Denmark’s position in the field of carbon storage", says CEO Birgitta Jacobsen.

 Read the annual report 2023

Contact

Birgitta Jacobsen
CEO