Denmark Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

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Denmark’s total gross crude oil and condensate production was valued at 71,362 barrels per day (bd) in 2020 and is expected to grow at a CAGR of more than 10% by 2025. The marketed natural gas production by Terrain was valued at 135 million cubic feet per day (mmcfd) in 2020 and is projected to grow with a CAGR of more than 30% by 2025. Over the decades Denmark has been able to build out its offshore oil and gas infrastructure through a number of major discoveries and developments. For the Danish oil and gas sector, the best days are in the past, Danish production peaked in 2004 averaging 500,000 barrels of oil equivalent per day (boed) and production has been declining annually ever since.

In 2021, total production in Denmark is expected to decline by around 5% compared to 2020. Production declines over the last few years can be attributed to the declining production from the major producing fields coupled with the suspension of production from the Tyra production facilities and its 7 connected satellite fields. The COVID-19 pandemic affected the Tyra and disruptions to the global supply chain and project construction timeline, caused by government-imposed restrictions, delayed the topside installation process and the first gas has been pushed from 2022 to 2023. The decline in production is forecasted to continue out to 2022, assuming completion of the $3 billion Tyra redevelopment will be finalized in 2023.

Overview of Denmark total gross crude oil and condensate production (bd)

Overview of Denmark total gross crude oil and condensate production (bd)

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What are the market dynamics of Denmark’s exploration & production sector?

GlobalData estimate that there is over 300 million barrels (mmbbls) of crude oil and condensate reserves remaining in producing and upcoming developments. For natural gas, GlobalData estimate over 1 trillion cubic feet (tcf) of reserves remaining in producing and upcoming developments. The near-term outlook for Denmark’s hydrocarbon production is concerning as producing fields continue to decline and the Tyra hub fields remain offline until 2023. 2020 was the first of three full years in which the Tyra hub and its satellite fields were not in production, which in turn will have a material impact on Danish gas production over the near term. The decline in production is forecast to continue out to 2022, assuming completion of the $3 billion Tyra redevelopment will be finalized in 2023. In addition, the country’s ambition to abolish new exploration and end oil and gas production by 2050 throws a cloud of uncertainty over the future of the Danish hydrocarbon sector.

The outlook for new oil and gas developments in the country is highly uncertain as Denmark has set out its ambition to abolish domestic oil and gas production by 2050. The redevelopment of the Tyra hub will bring a substantial boost for the Danish North Sea by upgrading the facilities with the latest technology and providing an opportunity to unlock further gas resources in the surrounding area but could be the last significant investment committed in the Danish E&P sector. The currently announced developments in the country are lacking, but the reactivation of the Hejre project is still being considered by current operator INEOS and is the largest greenfield project under consideration. In December 2020, the Danish government voted in favor of canceling the 8th oil and gas licensing round. The move aims to shift the country away from fossil fuels by restricting the opportunity to explore new resources in the Danish North Sea. The decision is the final blow for oil and gas exploration in Denmark which was in much need of revival. Activities are to continue in existing license areas, but no new licenses will be awarded for exploration activity.

In March 2020, INEOS stated its intentions of acquiring a further interest in the Hejre and Solsort discoveries, offshore Denmark from Spirit Energy. The deal signifies that INEOS still sees value in the fields and that a commercially viable development solution is still possible despite being unable to progress the developments over recent years. The deal allows INEOS to strengthen its position in Denmark through cost and operational synergies but also supports the development of its Greensand carbon storage project, offshore Denmark.

What are the key categories of Denmark’s crude oil and natural gas production?

Denmark’s crude oil and natural gas production is categorized by terrain into shallow water.  Denmark’s gross crude oil and condensate production is categorized by assets including Halfdan, Dan, South Arne, Skjold, Gorm, and others. Halfdan is the leading asset followed by Dan, South Arne, Skjold, Gorm, and Kraka.

Denmark’s marketed natural gas production is categorized by assets including Halfdan, Dan, South Arne, Gorm, Lulita, Harald, Roar, and others. Halfdan is the leading asset followed by Dan, South Arne, Gorm, and others.

Denmark exploration & production sector, by asset type

Denmark exploration & production sector, by asset type

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Which are the major companies in Denmark’s exploration & production sector?

The key companies of Denmark’s crude oil and condensate production include TotalEnergies SE, Norwegian Energy Company ASA, Nordsofonden, Ineos Ltd, and Hess Corp. The major companies in Denmark’s natural gas production consist of TotalEnergies SE, Norwegian Energy Company ASA, Nordsofonden, and Hess Corp.  Nordsofonden is the leading company with licensed blocks followed by Ineos Ltd, TotalEnergies SE, BASF SE, LetterOne Holdings SA, and Norwegian Energy Company ASA.

Denmark exploration & production sector, by key players

Denmark exploration & production sector, by key players

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Scope

Market Production (Year – 2020)Crude oil and condensate production: 71,362 barrels per day (bd)

Natural gas production: 135 million cubic feet per day (mmcfd)

GrowthCrude oil and condensate production: CAGR >10% during 2021-2025

Natural gas production: CAGR >30% during 2021-2025

Base year for estimation2020
Key categoriesShallow water
Key CompaniesTotalEnergies SE, Norwegian Energy Company ASA, Nordsofonden, Ineos Ltd, Hess Corp, BASF SE and LetterOne Holdings SA

Scope

This report provides an overview of Denmark’s exploration & production sector. The report includes:

  • Denmark’s oil and gas production outlook by assets terrain, and major companies.
  • Key details of active and upcoming oil and gas assets in the country.
  • Recently licensed blocks details, licensed blocks count by company, and latest discoveries.
  • Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country.

Reasons to Buy

  • Gain a strong understanding of Denmark’s E&P sector.
  • Facilitate decision-making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries.
  • Assess your competitor’s production outlook and licensed blocks count in the country.
  • Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector.

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Denmark Exploration and Production Sector 6

Denmark Exploration and Production Sector, Oil and Gas Production Outlook 8

Denmark Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Denmark Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Denmark Exploration and Production Sector, Marketed Natural Gas Production by Assets 12

Denmark Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 14

Denmark Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 16

Denmark Exploration and Production Sector, Active and Upcoming Oil and Gas Asset Details 17

Denmark Exploration and Production Sector, Exploration 22

Denmark Exploration and Production Sector, Total Licensed Blocks 22

Denmark Exploration and Production Sector, Licensed Blocks by Company 22

Denmark Exploration and Production Sector, Exploration 23

Denmark Exploration and Production Sector, Exploration Details, Exploration 23

Recent Contracts 25

Recent M&A Activity 30

Appendix 31

Methodology 31

Coverage 31

Secondary Research 31

|Contact Us 32

Table

Denmark, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Denmark, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Denmark, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 10

Denmark, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 12

Denmark, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 14

Denmark, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 16

Denmark, Active and Upcoming Oil and Gas Field Assets Details 18

Denmark, Total Licensed Blocks, 2010-2020 22

Denmark, Licensed Blocks by Company, 2010-2020 22

Denmark, Recently Licensed Block Details 23

Recent Contracts 25

Recent M&A Activity 30

Figures

Denmark, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Denmark, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Denmark by 2020 Crude Oil Production 10

Top 10 Fields in Denmark by 2020 Natural Gas Production 12

Top 10 Fields in Denmark by 2020 Crude Oil and Condensate Production 14

Top 10 Fields in Denmark by 2020 Natural Gas Production 16

Denmark, Active and Upcoming Oil and Gas Assets by Production Start Year 17

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