Nordsøfonden contributes with DKK 2.4 billion to the Treasury

26.04.2019

In 2018, Nordsøfonden paid taxes and transferred dividends to the state, resulting in a cash flow of DKK 2.4 billion to the Treasury. This is stated in the Nordsøfonden and Nordsøenheden Annual Reports for 2018, which are published today.
 
Nordsøfonden's net result for 2018 amounted to DKK 464 million. The total income from Nordsøfonden's oil and gas sales in 2018 was DKK 4.4 billion.
 
Nordsøfonden's CEO, Birgitta Jacobsen, says: “This year we are pleased to be able to contribute with DKK 2.4 billion to the Treasury. This is an increase of DKK 800 million compared to 2017.”
 
Nordsøfonden's oil and gas production in 2018 was 7.1 million barrels of oil and 650 million m3 gas. Production has decreased by almost 15 per cent compared to 2017 due to the natural decline in production from the existing fields. The fact that this year's result is still close to the result for 2017 is due to higher oil and gas prices in 2018.
 
Investments in new facilities increased significantly
 
In 2018, Nordsøfonden has participated in investments for almost DKK 730 million, which is a significant increase compared to previous years. The vast majority – a total of 600 million – has been used for the redevelopment of the Tyra field’s facilities. In 2017, Nordsøfonden, together with the other partners in DUC, decided to invest close to DKK 21 billion in the Tyra field. Nordsøfonden will therefore continue to invest large sums in the new facilities in the coming years.
 
The facilities are a central part of the energy infrastructure in the Danish part of the North Sea, and with the redevelopment of the Tyra field, continued production from Tyra and the surrounding fields is secured.

Birgitta Jacobsen elaborates: “The Tyra redevelopment project is the largest single investment made in the Danish part of the North Sea, and the huge project is already well underway. Production is scheduled to be temporarily closed down in autumn 2019. Here the replacement of the legacy facilities will begin, and we should be ready to produce oil and gas from the Tyra field again in 2022.”
 
Energy is a necessity in our modern society, and oil and gas will continue to be of importance for many years to come. This applies even though the green transition is underway, since there will continue to be a demand for oil and gas for heating, transport and the petrochemical industry.
 
“We can secure our own production of oil and gas for many years with a visionary development of the Danish part of the North Sea. And here, an accessible, modern infrastructure, as the Tyra facilities, is an essential part of the foundation,” concludes Birgitta Jacobsen.

 

Read the Annual Reports for 2018

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