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Denmark ends North Sea oil exploration"Report" studio AIC Analytics Art Business Cultural policy Diaspora Domestic policy Ecology Education and science Energy European Games Exhibitions Finance Football Foreign policy Health ICT Incident Individual sports Industry Infrastructure Interesting Karabakh Literature Media Military Milli Majlis Multimedia Nagorno-Karabakh conflict Other countries Region Religion Show business Social security Team sports Tourism World Cup 2022
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European automakers massively withdraw small cars from production"Report" studio AIC Analytics Art Business Cultural policy Diaspora Domestic policy Ecology Education and science Energy European Games Exhibitions Finance Football Foreign policy Health ICT Incident Individual sports Industry Infrastructure Interesting Karabakh Literature Media Military Milli Majlis Multimedia Nagorno-Karabakh conflict Other countries Region Religion Show business Social security Team sports Tourism World Cup 2022
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Latvian President pays respect to National Leader Heydar Aliyev
Denmark will stop offering new oil and gas licenses in the North Sea and phase out production altogether in 2050 as part of its goal to become fossil-free.
The Social Democrat government reached a deal with a majority in parliament late Thursday to drop Denmark’s planned 8th licensing round and any future exploration plans, Climate and Energy Minister Dan Jorgensen told reporters in Copenhagen.
Conditions for the oil and gas companies currently operating in Danish waters will remain unchanged until production stops in 2050. According to estimates by the energy ministry, the decision will cost the country about 13 billion kroner ($2.1 billion).
Denmark expects to produce 83,000 barrels of oil in 2020 and natural gas equivalent to 21,000 barrels.
“We’re the European Union’s biggest oil producer, and this decision will therefore resonate around the world,” Jorgensen said.
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