The Denmark oil & gas market is expected to expand at a CAGR of more than 0.7% during the forecast period, 2021-2028. The growth of the market is attributed to increasing energy demand and ongoing offshore exploration and production projects in the country.
The oil & gas industry includes three major operations that are upstream, midstream, and downstream. The wholesome process involves extraction process, storage, and refining of the petroleum products.
The energy consumption associated with oil and gas production has remained fairly constant in recent years, accounting for about 4% of Denmark’s total gross energy consumption, even though production has declined over the years. Denmark has a manifest interest to recover maximum amount of oil & gas from the North Sea. This required great amount of financing as extraction requires high energy-intensive recovery methods.
The production of oil and natural gas from the North Sea is key for Danish society and it secures substantial income for the state. The production of oil and gas also positively impacts the Danish balance of payments.
The department of economic affairs (DEA) recent forecast shows that Denmark can maintain its self-sufficiency in oil and natural gas for another ten years, based on known reserves. However, on the basis of experience, the DEA expects that the use of innovative recovery technology and more discoveries resulting from exploration can uphold Denmark’s self-sufficiency in oil and natural gas for an additional ten years.
Oil production has been declining over the past few years. The current production is around 140,000 barrels of oil per day. The production is expected to continue to decline over the next few years. In total, oil production accounts for roughly USD 5.4 Billion per year and gas production generates USD 1.1 Billion per year. After a long period of falling oil prices, the prices have now started to rise as a result of the global growth. This has caused an increase in the demand for oil, yet there still is a decrease in the production of oil.
The report on the Denmark Oil & Gas Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Denmark Oil & Gas Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Sectors (Upstream, Midstream, and Downstream) |
Geographical Zone |
Denmark |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Total SA, Royal Dutch Shell PLC, Equinor ASA, Norwegian Energy Company ASA, and Energinet DK Gaslager A/S |
Based on sectors, the market is divided into upstream, midstream, and downstream. The upstream segment is projected to account for a large market share during the forecast period. Rising consumption of petroleum products and increasing capacity of refining of oil are expected to drive the growth of the market segment
The midstream segment is anticipated to grow at a healthy rate during the forecast period. Midstream activities include transportation and storage of petroleum gas products. Increasing investment of government and private players on deploying storage facilities is propelling the growth of the market segment.
Segments Covered in the Report
Sectors
Country
Denmark
Key players
The Denmark oil and gas market is partially consolidated. Some of the major companies include Total SA, Royal Dutch Shell PLC, Equinor ASA, Norwegian Energy Company ASA, Energinet DK, and Gaslager A/S.
Major industry players are engaging in mergers and acquisitions to expand their market share. The Government of Denmark is also majorly involving in transforming the oil & gas market.
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