• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 57 mins Wonders of Shale- Gas,bringing investments and jobs to the US
  • 1 min Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 1 hour Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 5 mins Why is Strait of Hormuz the World's Most Important Oil Artery
  • 5 hours IMO2020 To scrub or not to scrub
  • 7 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 4 hours California's Oil Industry Collapses Despite Shale Boom
  • 1 hour Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 6 hours Devastating Sanctions: Iran and Venezuela hurting
  • 6 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 6 hours Shale to be profitable in 2019!!!
  • 2 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 1 hour "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
What The Market Is Overlooking In The Occidental Deal

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Russia Hints At OPEC+ Deal Exit

Russia Hints At OPEC+ Deal Exit

Russian policymakers have shown themselves…

Denmark Becomes Net Oil Importer For First Time In 25 Years

Edda Fjord

For the first time since 1993, Denmark is on track to become a net oil importer this year, as oil production in the Danish part of the North Sea will be lower than the country’s consumption, the Danish Energy Agency said on Thursday, revising down its oil production forecasts.

The new forecast by the agency is a change from last year’s assessment and forecasts, which had expected that Denmark would continue to be a net oil exporter for a number of years, the agency said.

Now, the country is expected to be a net oil exporter for a single year, in 2024, when oil production is forecast to exceed consumption due to expected start-up of new developments.

The Danish Energy Agency revised down its oil production forecast by 8 percent compared to last year’s forecast, mostly due to a downward revision of the resources, delays, and a “greater uncertainty regarding the development of several fields and discoveries.”

For this year, the agency expects Denmark’s oil production to average just 128,000 bpd, a figure 10 percent lower than last year’s 2018, mainly due to what is expected to be lower production from some of the larger oil fields.

Between 2018 and 2022, the oil production estimate was revised down by an average 14 percent, attributable again to lower production expected at some larger oil fields.

The outlook for Denmark’s natural gas exporter status is rosier. Denmark is expected to remain a net natural gas exporter until 2035, except for the years 2020 and 2021 when the Tyra field redevelopment—approved last year—will be underway, the Danish agency noted.

“The approval of the rebuilding of the facilities on the Tyra field implies that the uncertainty in this regard is less than before. However, great uncertainty remains with regard to the development of a number of projects hence contributing to the forecast being somewhat uncertain,” the agency said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tony on August 31 2018 said:
    Norway will follow and the entire North see !!!!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News