The Danish Energy Agency has opened the 8th licensing round in the Danish North Sea
Until 1 February 2019, interested oil and gas companies can submit their applications for new oil and gas concessions in the North Sea to The Danish Energy Agency. The license terms can be seen here. The Danish Energy Agency describes the Danish North Sea as a mature area of production with a well-developed infrastructure, and the agency has estimated that there still remain large volumes of oil and gas to be discovered.
Oil Gas Denmark welcomes the new licensing round:
“It is a great advantage with more frequent licensing rounds than before. We need oil and gas many years to come alongside with the green transition, and it will be a great advantage to Denmark, that we in that period of time can be self-sufficient”, says Martin Næsby, who also underlines that licensing rounds cannot stand alone.
“The North Sea Strategy shows a potential of 3 billion barrels in the Danish North Sea. A large part of these have an exploration potential. If new projects are to be realized and create value to Denmark, they have to be attractive to both the state and the companies who have some very large and long-term investments to make before the oil can be produced. We look forward to see if the necessary investments will be made”.
The 6th licensing round was closed in 2006. The 7th licensing round was closed in 2016 and led to 16 new licenses. So far there has not been produced oil from discoveries made in the 6th or 7th round.