Country Report
Denmark upstream summary
Report summary
Denmark has a mature upstream sector which is in terminal decline. Hydrocarbon production is all offshore. Reserves are small compared to Norway and the UK, but there are still some large accumulations. The corporate landscape in Denmark has a clear north/south divide. The south is dominated by the Dansk Undergrunds Consortium (DUC), which is comprised of Total (operator, formerly Maersk), Noreco and direct state representative - Nordsoefonden. The north production area includes new entrant Ineos, and legacy players Hess Corporation, Danoil and Wintershall Dea. The Government has called time on the industry, with exploration and production activities to end by 2050. The move affirmed Denmark's direction of travel on climate change.
Table of contents
- Executive summary
- Key facts
- Location maps
- Key companies
-
Geology
- Introduction
- Central Graben
- Danish-Norwegian basin
- Ringkøbing-Fyn High
- North German basin
- Rønne Graben
-
Exploration
-
Licensing
- Formal licensing rounds
- Adjoining area procedure
-
Drilling
- Drilling activity
- Exploration by licence round
- Success rates
-
Licensing
- Reserves and resources
-
Production
-
Liquids
- Historical production
- Gas
-
Liquids
-
Infrastructure
- Oil infrastructure
- Refineries
-
Gas infrastructure
- Other infrastructure and security of supply
- Gas terminal
- Gas storage
-
Costs
- Introduction
-
Capital costs
- Capital expenditure by location
-
Operating costs
- Operating expenditure by location
-
Policy and regulation
- Key legislation
- Regulatory body
-
State oil company
- Nordsoefonden
- Gas market liberalisation
-
Licensing
- State participation
- Danish area division
- Licensing history
- First round
- Second round
- Third round
- Fourth round
- Fifth round
- Sixth round
- Seventh round
- Eighth round
- Licensing costs
- Out of round Awards
- Open Door procedure
-
Fiscal terms
-
Overview
- Upstream
- Mid/Downstream
-
Current fiscal terms
- Basis
- Government equity participation
- Royalty
- Corporate income tax (Hydrocarbon Chapter 2 corporate income tax)
- Additional petroleum tax (Hydrocarbon Chapter 3A hydrocarbon tax)
- Fiscal treatment of decommissioning costs
- Product pricing
- Emissions taxes
- Summary of modelled terms
-
Sample cash flow
- Transitional terms for pre-2004 non-DUC licences (rounds 1 to 5)
- Additional petroleum tax (Hydrocarbon Chapter 3 hydrocarbon tax)
- 2014 changes of fiscal terms (pre-2004 non-DUC licences)
- 2004 changes of fiscal terms (DUC and new non-DUC licences)
-
Overview
Tables and charts
This report includes 41 images and tables including:
- Key facts: Table 1
- Country map
- Net Acreage 2024
- Reserves and contingent resources at 01/01/2024
- Liquids and Gas Production 2022
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Reserves and resources: Table 3
- Reserves and resources: Table 4
- Basin map
- Gas production by development status
- Production: Table 5
- Production: Table 6
- Production: Table 7
- Production: Table 8
- Infrastructure: Table 1
- Danish oil and gas infrastructure
- Fiscal terms: Table 6
- Active legacy terms
- Drilling activity by well type
- Geological and commercial success rates
- Liquids production by development status
- Production: Table 1
- Production: Table 2
- Production: Table 3
- Production: Table 4
- Infrastructure: Table 2
- Costs: Table 1
- Costs: Table 2
- Country capital expenditure (US$ Million)
- Costs: Table 3
- Costs: Table 4
- Policy and regulation: Table 1
- Policy and regulation: Table 2
- Fiscal terms
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Historical background
- Fiscal terms: Table 9
What's included
This report contains:
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