Denmark to end North Sea oil & gas production

[Still Waters 51,196]

Denmark, the EU's biggest oil producer post-Brexit, said Friday it will halt all North Sea oil and gas production and exploration by 2050 in line with its bid to become an energy transition role model.

Following an agreement reached between the Social Democratic government and a majority in parliament, "Denmark becomes the biggest oil and gas producer to set a date for a definitive end" to oil production, the energy ministry said in a statement.

While Denmark produces far less oil than neighbouring Norway, which produces around 1.4 million barrels per day, and the UK with around one million per day, since Britain's exit from the EU it has become the bloc's largest producer with around 100,000 barrels per day, according to oil giant BP's annual figures.

The decision means an eighth tender offer for oil and gas exploration in the North Sea will now be cancelled.

https://phys.org/news/2020-12-denmark-north-sea-oil-gas.html

[RoofGardener 17,285]

2050 ? 

I think most of the oil and gas would have run out then ANYWAY ? 

[Noteverythingisaconspiracy 18,353]

2 minutes ago, RoofGardener said:

2050 ? 

I think most of the oil and gas would have run out then ANYWAY ? 

Production have been steadily declining for many years, so yeah its not really that big a deal. 

[zep73 7,867]

2 minutes ago, Noteverythingisaconspiracy said:

Production have been steadily declining for many years, so yeah its not really that big a deal. 

But still there are contracts that must be honored. If Denmark banned the exploration today, the oil companies would sue. Would cost billions for the taxpayers.

[Noteverythingisaconspiracy 18,353]

10 minutes ago, zep73 said:

But still there are contracts that must be honored. If Denmark banned the exploration today, the oil companies would sue. Would cost billions for the taxpayers.

I know. Are you involved with the oil industry ? I know its a big employer in your neck of the woods.

[RoofGardener 17,285]

21 minutes ago, zep73 said:

But still there are contracts that must be honored. If Denmark banned the exploration today, the oil companies would sue. Would cost billions for the taxpayers.

Meh... I think the existing conracts will simply not be renewed. And the territory is Denmarks. It is under no international obligation to allow exploration if it doesn't want it ? 

[zep73 7,867]

10 minutes ago, Noteverythingisaconspiracy said:

I know. Are you involved with the oil industry ? I know its a big employer in your neck of the woods.

Nope.

 

Just now, RoofGardener said:

Meh... I think the existing conracts will simply not be renewed. And the territory is Denmarks. It is under no international obligation to allow exploration if it doesn't want it ? 

The existing ones run till 2050. It is estimated that there will be oil and gas of a tax value of 13 billion DKK (1.5 bn £) left after that. It's not much on a global scale, but it's a lot of tax money to miss for a small nation like Denmark.

[RoofGardener 17,285]

4 hours ago, zep73 said:

Nope.

 

The existing ones run till 2050. It is estimated that there will be oil and gas of a tax value of 13 billion DKK (1.5 bn £) left after that. It's not much on a global scale, but it's a lot of tax money to miss for a small nation like Denmark.

Yeah, but it's easy for politiceans in 2020 to deprive the nation of that money in 2050. 

Did they give any idea of how they would cope with the shortfall, or is it just Virtue Signallng ? 

 

[zep73 7,867]

13 minutes ago, RoofGardener said:

Yeah, but it's easy for politiceans in 2020 to deprive the nation of that money in 2050. 

Did they give any idea of how they would cope with the shortfall, or is it just Virtue Signallng ? 

 

We already have a big windmill industry, which is expected to grow exponentially. We are also leading in energy storage technology. I'm not too worried.

Edited December 4, 2020 by zep73

[RoofGardener 17,285]

On 12/4/2020 at 7:23 PM, zep73 said:

We already have a big windmill industry, which is expected to grow exponentially. We are also leading in energy storage technology. I'm not too worried.

 Wow, that's excellent. It appears that Denmark is well ahead of the curve in that regard. Mind you.. will it be enough to meet the extra demand caused by electric cars ? 

[zep73 7,867]

7 hours ago, RoofGardener said:

Mind you.. will it be enough to meet the extra demand caused by electric cars ?

We have electricity exchange agreements with Sweden and Germany. When we produce too little, we get from them, and when it's too much, they get from us.

[Noteverythingisaconspiracy 18,353]

9 hours ago, RoofGardener said:

 Wow, that's excellent. It appears that Denmark is well ahead of the curve in that regard. Mind you.. will it be enough to meet the extra demand caused by electric cars ? 

In addition to what Zep73 wrote we also have a deal with Norway where we sell them excess electricity, which they then use for pumped storage, so we can they buy it back if we need it. 

Work is also done on storing wind power as heat for use in central heating systems.

[RoofGardener 17,285]

Well, that is all good stuff. I'm impressed !