2024 was a year of progress for Nordsøfonden. Oil and gas production increased significantly after the restart of the Tyra Field and the commissioning of Solsort Vest. This provided both financial profits and strengthened Denmark's security of supply in a time of focus on energy independence and green transition.
Oil production increased by 6 percent to 4.1 million barrels, while gas production increased by 25 percent to 2.5 million MWh. At the same time, the year's profit was DKK 498 million, and DKK 272 million was paid in taxes and DKK 600 million in dividends were transferred to the state out of a turnover of almost DKK 2.9 billion, according to Nordsøfonden.
- The start-up of Tyra and Solsort is the culmination of many years of joint efforts from operators and partners. 2024 was the year in which we were able to reap the first fruits of the work. The Danish North Sea production of oil and gas contributes to reducing Denmark's and the EU's energy dependence. It is therefore also very positive that, with continued and stable oil and gas production from Tyra and Solsort, we expect total production in 2025 to double compared to 2024, says Christian Frigast, Chairman of the Board of Directors of Nordsøfonden, in a press release.
Nordsøfonden also participates in all seven Danish CO2 storage licenses and in December 2024 began the first phase of Greensand Future – one of Europe's first full-scale CO2 storage projects. The foundation assesses that Danish oil and gas has a lower CO2 footprint than many international alternatives and wants to utilize the North Sea's resources within the current political agreements.
- Denmark has great potential for CO2 storage, and Nordsøfonden wants to play a central role in strengthening the green transition. As a consistent player across all licenses, we can act as a bridge builder and thus contribute to achieving the ambitious goals of reducing CO2 emissions, says Christian Frigast.
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