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Danish oil forecast downgraded

Danish oil forecast downgraded
Danish energy agency Energistyrelsen downgraded its five-year forecast for the country's oil and gas production, which may pull down the revenue of the state and main licence holder A P Moller - Maersk A/S.

Danish energy agency Energistyrelsen downgraded its five-year forecast for the country's oil and gas production, which may pull down the revenue of the state and main licence holder A P Moller - Maersk A/S.

Danish energy agency Energistyrelsen downgraded its five-year forecast for the country's oil and gas production, which may pull down the revenue of the state and main licence holder A P Moller - Maersk A/S. Maersk has concessions for fields that account for 88% of Denmark's total oil production and for some 98% of the gas production.

The agency now expects oil production to total 15.3 million cu m in 2009, down by 1% compared to the previous forecast, published in June. The downgrade was mainly due to an unplanned shutdown of the Siri processing plant this autumn.

This year's natural gas production is seen at 7.5 billion standard cu m. The downgrade by 12% from the previous forecast is due to lower-than-expected delivery to Dong Naturgas A/S, part of state-run utility Dong Energy A/S.

For 2010-2011, Denmark's oil production is now expected to fall by a total 800,000 cu m and by a further 1.5 million cu m for 2012-2013. The expected decline is attributed to lower expansion than previously expected.

Compared to the June forecast, the estimates for natural gas production for 2010-2013 have hardly changed, the agency said.

www.TurkishMaritime.com.tr

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