Denmark’s largest gas field, Tyra, returned to normal operations in February 2025 following its major redevelopment. This marks a significant milestone for the DUC partners and represents an important and positive development for Nordsøfonden’s financial position.
“With Tyra in operation, Denmark is once again a net exporter of gas, and production from the Tyra area contributes to Denmark’s and Europe’s energy supply and energy independence. At a time when Europe is working to completely phase out Russian gas, Tyra is an important contribution,” says Nordsøfonden’s Acting CEO, Christian Herskind.
DUC’s Harald East Middle Jurassic well was brought on stream at the end of 2024 and has performed better than expected. This means that the Harald field is now expected to remain in operation for 5–10 years longer than previously anticipated.
Production from the Solsort West field continued at a high level until mid-2025, when the expected water breakthrough occurred in the reservoir. As a natural consequence, oil production has been reduced to approximately 30% of its previous level. It is expected that continued production from Solsort West will remain commercially viable for a further couple of years.
Progress in Nordsøfonden’s carbon storage licences
Denmark’s subsurface is expected to hold significant potential for CO₂ storage, and in Denmark carbon capture and storage (CCS) has been identified as a key component on the path towards a climate-neutral society.
By the end of 2025, Nordsøfonden was a partner in seven carbon storage licences. As a partner across all awarded storage licences with a 20 % share, Nordsøfonden is a significant player with a distinct role and insight into carbon storage in Denmark.
“One of Nordsøfonden’s key tasks is to support the maturation of the licences and, importantly, the business models that will underpin the realisation of the potential on commercial terms. As is often the case with new business areas, many elements must fall into place simultaneously. Nordsøfonden will continue to work with its partners to ensure that Denmark can realise its carbon storage potential,” says Chairman of the Board, Christian Frigast.
In the Greensand Future project, intensive work was carried out in 2025 to enable the start of carbon storage in the Nini field, located 240 km northwest of Esbjerg. In December 2025, the project partners –INEOS, Harbour Energy and Nordsøfonden – received Denmark’s first permit for carbon storage. Injection of CO₂ is expected to begin in mid-2026.
In the three onshore exploration licences – Greenstore, Ruby and CO₂ Storage Kalundborg – seismic surveys were conducted during 2025 and early 2026. All three licences expect to carry out feasibility drilling during 2026 as part of the necessary, thorough assessment of whether the subsurface is suitable for carbon storage.
Over the coming years, Nordsøfonden expects to par almost nearly DKK 800 million in costs for feasibilitiy activities, corresponding to total expected feasibility activities across the licences of more than DKK 4 billion.
Financial results for the year
Nordsøfonden’s net result for 2025 was a profit of DKK 461 million, compared to DKK 498 million in 2024. The financial statements include paid corporate and hydrocarbon taxes of DKK 720 million. In addition, DKK 1.3 billion has been transferred to the state as dividends. In total, Nordsøfonden therefore contributes more than DKK 2 billion to the state treasury.
In 2025, Nordsøfonden invested just under DKK 100 million in oil and gas activities and a similar amount in carbon storage activities.
Changes in Nordsøfonden’s executive management and board
The beginning of 2026 has brought changes to Nordsøfonden’s executive management, as Adrian Lübbert stepped down as CEO on 31 March 2026 to take up a position as Director at the Danish Energy Agency. He will be succeeded by Flemming Horn Nielsen, who will assume the role of CEO of Nordsøfonden on 1 July 2026. Flemming Horn Nielsen holds an MSc in Engineering and has spent, among other things, 30 years in the oil and gas industry, bringing extensive leadership and industry experience. Until his appointment, the CEO role is being carried out by Board member Christian Herskind.
In November 2025 Vice Chairman Signe Thustrup Kreiner stepped down from Nordsøfonden’s Board of Directors and Charlotte Strand was appointed as new Vice Chairman. At the same time Maria Moræus Hanssen from Norway was appointed as member of the Board. In April 2026, Board member Karen Dyrskjøt Boesen stepped down from Nordsøfonden’s Board of Directors, which now consists of six members. View the full Board of Directors.
Read the Nordsøfonden Nordsøenheden Annual Report 2025