Today, Maersk Oil has sanctioned the full redevelopment of the Tyra field at the cost of 21 billion DKK.

The full redevelopment is a reality, Maersk Oil has announced today, Friday, in a press briefing. The announcement comes on the day after the Danish Parliament has passed the changes in the bill regarding 3rd party access (in Danish) and the hydrocarbon tax law (in Danish) required to implement the North Sea Agreement which was agreed in March.

Martin Næsby believes that the announcement is good news for the North Sea as it will ensure new money that can be used in Danish welfare and securing jobs – however, the sanctioning of Tyra should not lead to false security in regards of future investments.

“Tyra is very important in regards to maintain the production in the North Sea. However, the rebuilding of Tyra does not realise the full potential of the North Sea. There is still a potential of 3 billion barrels of oil and gas in the Danish part of the North Sea. We need more investments in the North Sea – therefore, Denmark must become more competitive in the battle to secure new capital; especially compared to the countries that surround the North Sea” says Martin Næsby, with a reference to the newly released report about Denmark from The International Energy Agency.

Read more here:

Press briefings:
The Danish Energy Agency: Tyra er vital for dansk aktivitet i Nordsøen (only in Danish)

Maersk Oil: DUC partners approve the largest ever Danish North Sea investment

Ministry of Finance: Agreement between the Government and the Concessionaires (on behalf of the DUC partners)

Reports:
IEA: Energy policies of IEA countries: Denmark 2017 review

Bills:
The Danish Parliament: L 42 Forslag til lov om ændring af lov om anvendelse af Danmarks undergrund og lov om etablering og benyttelse af en rørledning til transport af råolie og kondensat   (Only in Danish)

The Danish Parliament: L 17 Forslag til lov om ændring af kulbrinteskatteloven, lov om ansættelse og opkrævning m.v. af skat ved kulbrinteindvinding, lov om fremskyndet tilbagebetaling af visse afgifter og fusionsskatteloven (Only in Danish)

Twitter:
Martin Næsby: Så er Tyra på plads – fortsat behov for investeringer. Potentialet er stort #dkpol #dkenergi (”Tyra is in place – continued need for investments. The potential is large”)