Danish state backs into North Sea consortium

The Danish state-run Nordsøfonden is joining the Danish Underground Consortium (DUC), the partnership that develops and produces much of the country’s offshore oil and gas.

Offshore staff

COPENHAGEN, Denmark – The Danish state-run Nordsøfonden is joining the Danish Underground Consortium (DUC), the partnership that develops and produces much of the country’s offshore oil and gas.

Nordsøfonden will take a 20% interest in the DUC, with stakes held by Maersk Oil, Shell, and Chevron reduced respectively to 31.2%, 36.8%, and 12%. Maersk will continue as operator.

“We would like to welcome Nordsøfonden to the DUC, and look forward to joining forces for the next 30 years of the concession. DUC has challenging opportunities ahead as we continue seeking new ways of increasing oil and gas recovery from the Danish North Sea,” said Jakob Thomasen, CEO of Maersk Oil.

“Nordsøfonden will be a true partner. It will contribute to and receive benefits from the DUC according to its 20% working interest. It is taking the role as an active company operating on a commercial basis and rationale.”

Nordsøfonden’s CEO Peter Helmer Steen said: “Our role as a commercial partner in DUC is to provide the state with the best possible economic returns. From a 30-year perspective, I see a huge potential for increased production from both existing fields and new fields…”

DUC operates 16 fields, with a daily production of around 180,000 b/d of oil and 14 MMcf (396,436 cu m) of gas. Nordsøfonden’s entry was foreseen under the terms of the 2003 sole concession extension agreement.

7/10/2012

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