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The Danish government enters the quest for oil and gas in the North Sea

Following Nordsøfonden’s entry into Dansk Undergrunds Consortium (DUC) the Danish government will have direct influence on the extraction of oil and gas in the North Sea. This influence will be used to promote new projects, writes Danish journal of engineering, Ingeniøren.

Photo: LARS KRABBE

After 50 years as ‘check-recipient’ the government’s oil-and gas company Nordsøfonden has now stepped into the role of shareholder, and thus as an active part of Dansk Undergrunds Consortium, which owns the licenses in the North Sea. “We should highlight that we are now the third largest oil and gas company in Denmark. This is a big day,” says Peter Helmer Steen, CEO of Nordsøfonden, to Ingeniøren. dk.

Since A. P. Moeller- Maersk was granted the sole concession right on July 8th 1962, the Danish government has had no direct influence on the production in the North Sea, not to mention the facilities located a few hundred kilometers off the western coast of Jutland. The agreement expired on Sunday, and as part of the 30 year extension passed in 2003, Nordsøfonden became co-owner of the licenses on Monday. This happens through the usual 20 percent, as with the other 19 licenses that Nordsøfonden has a stake in, and this will be put to active use, says Peter Helmer Steen.

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