Oil Gas Denmark (OGD) is a newly formed industry organisation for Danish companies in the oil and gas industry.
OGD consists of members from the organisations “Danish Operators” and “Danish Offshore Industry”.
The first oil was extracted in the North Sea in 1972 and the production reached its maximum in 2004. Since then, it has declined by 40 percent.
However, the increase in oil prices has outweighed the fall in production and the tax yields topped in 2008.
In 2011, the Danish state earned USD 5.32 billion on the North Sea Oil – an increase of 29 percent compared to 2010.
The Danish parts of the North Sea are less accessible that both the Norwegian and British parts when it comes to production. The oil volume is lower and the oil is more difficult to reach.
The Danish parts of the North Sea have eight producers compared to 32 in Norway and 63 in Great Britain.
20 years ago, the oil companies were able to recover one seventh of the oil. Today, the recovery rate has reached 26 percent. Thereby, almost 75 percent of the oil remains under ground as it is too difficult or expensive to extract.
Increasing the recovery rate by as little as one percent the value of the field is increased by USD 8.6 billion
Sources: Oil Gas Denmark and the Danish Energy Agency