Government eyeing new oil and gas strategy

The aim is to maximise the efficiency of oil extraction in the North Sea

The Danish government has begun work on developing a new oil and gas strategy in order to maximise the efficiency of oil resource extraction in the North Sea.

In co-operation with the oil and gas industry, the government hopes to come up with new initiatives that will optimise drilling for oil from the North Sea following production dwindling production in recent years.

“It will have a massive impact on Danish society if we extend the time frame during which we can obtain oil from the North Sea,” Rasmus Helveg Petersen, the climate and energy minister, said in a press release. If we can utilise the resources from the oil and gas fields more effectively, the extra income can help create a greener and better Denmark.”

READ MORE: Russian gas embargo would hurt Danish business

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The current extraction percentage prognosis is 26 percent, but increasing that by just one percent would increase the production value by 70 billion kroner.

The extraction percentage will depend on technology and oil prices but the energy authority, Energistyrelsen, expects that the extraction percentage can be increased by several percentage points in the coming years.

The strategy will focus on four areas, the most important of which is looking into whether there is a need to renovate and renew the oil production infrastructure in the North Sea.

The strategy development is scheduled to be completed by the end of 2015. 

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