Nordsøfonden is owned by the Danish state and administrated by Nordsøenheden. Together, the two entities constitute the Danish State subsurface resource company.
Nordsøfonden
Nordsøfonden manages the participation of the Danish State in licences for exploration and production of oil and gas. Furthermore, Nordsøfonden manages licenses for storing CO2 storage.
Within the state, ownership is placed with the Minister of Industry, Business and Financial Affairs, who is officially the sole owner of the business. In this context, the minister’s tasks include setting the overarching political direction for the work of Nordsøfonden.
Nordsøfonden functions in the same way as a commercial company, entering into licence partnerships with the same rights and obligations as the other companies – although it cannot take on the role of operator of a licence.
Nordsøfonden has assets in the form of shares in licences and installations. Nordsøfonden also receives revenue from the sale of its share of oil and gas production, and from tariffs.
Nordsøfonden pays both corporate tax and hydrocarbon tax. Moreover, as a company owned by the Danish state, Nordsøfonden transfers its profits to the state every year in the form of a dividend. For additional information about the financial structure of Nordsøfonden, see Legal foundation and finance.
Nordsøfonden has no employees, and is administrated by Nordsøenheden.
Nordsøenheden
Nordsøenheden is an independent state company tasked with administrating Nordsøfonden. Nordsøenheden has its own Board of Directors, which supports the CEO in making executive strategic decisions.
The Danish Minister of Industry, Business and Financial Affairs appoints the members of the Board.
Everyday operation of the licences, including the work with production and sale of oil and gas from the oil and gas licenses and the development of Denmark’s position in the field of carbon storage , is handled by the staff employed at Nordsøenheden.
Governance model