In March 2024, an important milestone was reached when production resumed at the Tyra facilities. Denmark’s largest gas field, Tyra, once again became the hub of Danish gas production – now with facilities that emit over 30 percent less CO₂ than before and rank as the most energy-efficient offshore installation of their kind. The Tyra redevelopment has been Nordsøfonden’s largest project in recent years, and despite initial challenges, the restart has had a major impact on Danish oil and gas production in 2024.
At the same time, the western part of the Solsort oil field was brought into operation in March 2024. Production from Solsort exceeded expectations and accounted for just over 10 per cent of Denmark’s total oil production in 2024.
With Tyra and Solsort West in operation, Nordsøfonden saw a significant increase in oil and gas production in 2024 compared to the previous year: Oil production rose by 6 per cent to 4.1 million barrels, while gas production surged by no less than 25 per cent to 2.5 million MWh.
Continued production towards 2050 can benefit Europe’s security of supply and provide substantial economic contributions to Denmark alongside the green transition. Moreover, Denmark’s oil and gas production is significantly more energy-efficient and has a much smaller carbon footprint compared to, for instance, LNG from the Middle East, Africa, or the United States. For this reason, it is a clear goal and ambition for Nordsøfonden to extract oil and gas resources from the North Sea within the framework of current political agreements.
The startup of Tyra and Solsort is the culmination of many years of joint efforts by operators and partners. 2024 became the year when we could reap the first rewards of that work. Oil and gas production in the Danish North Sea contributes to reducing Denmark’s and the EU’s energy dependency. That’s why it’s very encouraging that, with continued stable oil and gas production from Tyra and Solsort, we expect total production to double in 2025 compared to 2024, said Chairman of the Board Christian Frigast.
Annual results
Nordsøfonden reported a net profit of DKK 498 million for 2024. The financial statements include paid corporate and hydrocarbon taxes totaling DKK 272 million. In addition, DKK 600 million was transferred as dividends to the state. The annual result of DKK 498 million is DKK 100 million higher than in 2023, primarily due to the increased production in 2024.
Carbon storage preparations are well underway
By the end of 2024, Nordsøfonden was a partner in six carbon storage licences – including three new onshore licences awarded in 2024. In April 2025, an additional onshore licence was granted. Nordsøfonden is the only participant involved in all Danish carbon storage licences, making it a key player in the development of carbon storage in Denmark.
Denmark holds great potential for carbon storage, and Nordsøfonden aims to play a central role in strengthening the green transition. As a consistent actor across all licences, we can serve as a bridge-builder and help achieve the ambitious CO₂ reduction targets, said Christian Frigast.
In December 2024, the first phase of the Greensand Future project was launched, with the first injection expected to begin in early 2026 – making it one of Europe’s first full-scale carbon storage projects. Greensand Future is the first phase of carbon storage under the Iris licence. The project is led by INEOS (40%) as operator, with Harbour Energy (40%) and Nordsøfonden (20%) as partners. Greensand Future marks the beginning of CO₂ injection into depleted oil and gas fields in the Danish North Sea.
In the remaining carbon storage licences, efforts are focused on executing the approved work programs. Although work in these licences has proven more complex than initially expected, there remains full commitment to ensuring progress and identifying solutions to support the development of storage projects in Denmark.
Read the Annual report 2024