2022 was a chaotic and eventful year in the world and in particular in the energy industry, where a new uncertainty about energy supply arose as a result of Russia's invasion of Ukraine and the resulting international sanctions against Russia.
The uncertain energy situation has led to high oil and gas prices. The average oil price in 2022 was DKK 717 per barrel compared to DKK 446 the year before, while the gas price was DKK 899 per MWh compared to DKK 313 in 2021. This resulted in revenue of DKK 4.756 billion, which is almost double compared to 2021, where revenue landed at DKK 2.481.
The high prices can be felt in the income of the North Sea Fund, which was therefore able to send DKK 2.7 billion to the treasury, which is the highest contribution in many years. This happened at the same time that the fund was able to record a profit of approximately one billion DKK, according to the fund's annual report.
Stable production
The North Sea Fund's production in 2022 amounted to 4.1 million barrels of oil and 2.1 million MWh of gas. Production was thus on par with 2021. The unchanged oil and gas production is due to a focus on production optimization and two new gas wells on the Halfdan Field, which have counteracted the natural decline in production in the fields.
Production is still suffering from the fact that the Tyra field is not yet back in operation. This is expected to happen in the winter season 2023/24.
- The current supply situation in Europe increases the importance of ensuring a stable supply of oil and especially gas to Denmark and Europe. The completion of Tyra II is both an enormous and complex task, and intensive work is being done out in the North Sea as well as at the desks on land to get the new Tyra II into operation, says Birgitta Jacobsen, CEO of Nordsøfonden, in a press release.
Potential in CO2 storage
2022 was also the year in which Nordsøfonden gained a new business area. Thus, it was decided that Nordsøfonden would become the manager of the Danish state's licenses in CO2 storage.
- The Danish subsoil holds great potential for storing CO2 - both offshore, nearshore and onshore. Nordsøfonden has experience and insight into the Danish subsoil, which we will use to develop and strengthen Denmark's position within CO2 storage, says Birgitta Jacobsen.
The North Sea Fund participates with 20 percent in the first three storage licenses, which were awarded in February 2023. Two of the licenses cover the areas with the ongoing storage projects Bifrost and Greensand.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
