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Page added on September 1, 2018
Denmark Becomes Net Oil Importer For First Time In 25 Years
For the first time since 1993, Denmark is on track to become a net oil importer this year, as oil production in the Danish part of the North Sea will be lower than the country’s consumption, the Danish Energy Agency said on Thursday, revising down its oil production forecasts.
The new forecast by the agency is a change from last year’s assessment and forecasts, which had expected that Denmark would continue to be a net oil exporter for a number of years, the agency said.
Now, the country is expected to be a net oil exporter for every year until 2024, when oil production is forecast to exceed consumption due to expected start-up of new developments.
The Danish Energy Agency revised down its oil production forecast by 8 percent compared to last year’s forecast, mostly due to a downward revision of the resources, delays, and a “greater uncertainty regarding the development of several fields and discoveries.”
For this year, the agency expects Denmark’s oil production to average just 128,000 bpd, a figure 10 percent lower than last year’s 2018, mainly due to what is expected to be lower production from some of the larger oil fields.
Between 2018 and 2022, the oil production estimate was revised down by an average 14 percent, attributable again to lower production expected at some larger oil fields.
The outlook for Denmark’s natural gas exporter status is rosier. Denmark is expected to remain a net natural gas exporter until 2035, except for the years 2020 and 2021 when the Tyra field redevelopment—approved last year—will be underway, the Danish agency noted.
“The approval of the rebuilding of the facilities on the Tyra field implies that the uncertainty in this regard is less than before. However, great uncertainty remains with regard to the development of a number of projects hence contributing to the forecast being somewhat uncertain,” the agency said.
23 Comments on "Denmark Becomes Net Oil Importer For First Time In 25 Years"
Darrell Cloud on Sat, 1st Sep 2018 7:06 pm
Another domino falls.
dave thompson on Sat, 1st Sep 2018 7:21 pm
Could this be a sign of the predicament of peak oil?????
Anonymous on Sat, 1st Sep 2018 7:46 pm
The US set another production record. The EIA 914 (best data) came out last Friday and showed that US production of oil was 10.67 million bopd.
Texas is nearing four and a half million bopd. That is already more than Iran or China and approaching what Iraq and Canada produce.
https://www.eia.gov/petroleum/production/
Duncan Idaho on Sat, 1st Sep 2018 8:59 pm
“came out last Friday and showed that US production of oil was 10.67 million bopd.”
Not as high as July of this year.
But, we will see if that can be achieved.
Things are going to get tighter.
GetAVasectomyAndLetTheHumanRaceDie on Sat, 1st Sep 2018 10:01 pm
Social tension are raising everywhere around the world. This is what I was expecting once we reach peak oil.
This is one example as many others.
https://www.youtube.com/watch?v=lJaAfBOya6Q
The last drop on Sat, 1st Sep 2018 10:17 pm
They just need to start tracking…right ROCKMAN….?
print baby print on Sun, 2nd Sep 2018 3:15 am
https://www.dallasnews.com/business/energy/2018/08/29/disposal-nightmare-permian-basin-every-barrel-oil-means-four-barrels-toxic-water
This is a nightmare not just a poncy scheme
Congratulation Anonymous on your 10mbpd
deadly on Sun, 2nd Sep 2018 5:10 am
Anybody out there been eating sweet corn?
Anyone? Bueller?
How much space is needed to contain fifteen million barrels of wastewater?
Fifteen million barrels times 42 amounts to 630 million gallons of wastewater.
A cubic foot of water is 7.48 gallons.
630,000,000/7.48=84,224,600 cubic feet.
An acre foot equals 325,828.8 gallons, 43,560 cubic feet, therefore, 84,224,600/43,560 equals the area required to hold 630 million gallons of wastewater.
The number is 1933.53076217 acres of land to hold fifteen million barrels of wastewater.
Each day. Three feet deep would require 611 acres of land. Brine slop, gotta do something with it.
Throw it away, down disposal wells, or build a pipeline to the Gulf of Mexico and drain it into those waters. Dilution is the solution.
Or, don’t drill for any oil there at all, no wastewater then. Another solution.
So then, 630,000,000/325,828.8=1933.53073761, the number of acres to hold fifteen million barrels of wastewater one foot deep.
611 acres three feet deep.
The numbers check out.
Something that can be handled using steel and oil, machines and pipe.
Anonymous on Sun, 2nd Sep 2018 7:50 am
Duncan, that is the latest monthly report and covers June. You can’t compare weekly and monthly data.
Sissyfuss on Sun, 2nd Sep 2018 10:25 am
Expect a coffee and Danish to rise in price there and rapidly.
Anonymous on Sun, 2nd Sep 2018 11:42 am
US oil production is estimated to hit 12 million bopd by DEC2019.
The fascinating thing is if you compare to the ICON used on this site. If you find the source and do the math (it is in bopy), you will see that it was a 2004 estimate that the US would be doing less than ~3 million bopd in 2020. So the US is actually doing 4 times what the peakers expected.
The other interesting thing is you will find all the peaker sites like ASPO that are dead and buried.
Davy on Sun, 2nd Sep 2018 11:54 am
“The other interesting thing is you will find all the peaker sites like ASPO that are dead and buried.”
Nony, we are impressed with your song and dance but you have a lot to maintain and time is definitely not on your side. I think a little less cockiness is in order. I remember back a few years ago when prices collapsed you about had a nervous breakdown and were gone for many months.
Anonymous on Sun, 2nd Sep 2018 12:10 pm
I always took the price drop as good and the reverse when prices go up. After all scarcity implies high prices and the reverse the reverse.
MASTERMIND on Sun, 2nd Sep 2018 2:07 pm
Anouymouse
The Next Financial Crisis Lurks Underground
Fueled by debt and years of easy credit, America’s energy boom is on shaky footing
https://www.nytimes.com/2018/09/01/opinion/the-next-financial-crisis-lurks-underground.html
Boat on Sun, 2nd Sep 2018 2:44 pm
Davy
Your right. Waves of disinformation by groups and individuals that quickly morf into personal attacks is the rule rather than the exception here at peakoil.com.
Facts over ideology, conspiracy, hate and nationalism makes for exceptionalism. Lol
print baby print on Sun, 2nd Sep 2018 2:48 pm
MM great link thank you
It’s all a bit reminiscent of the dot-com bubble of the late 1990s, when internet companies were valued on the number of eyeballs they attracted, not on the profits they were likely to make. As long as investors were willing to believe that profits were coming, it all worked — until it didn’t.
These days, the rhetoric of “energy independence,” meaning an America that no longer depends on anyone else for its oil, not even Saudi Arabia or OPEC, is in perfect harmony with “Make America Great Again.” But rhetoric doesn’t produce profits, and most things that are economically unsustainable, from money-losing dot-coms to subprime mortgages, eventually come to a bitter end.
peakyeast on Sun, 2nd Sep 2018 3:02 pm
What we danes find strange and discouraging is the prediction that our consumption will remain steady for the next 20 years…
JuanP on Sun, 2nd Sep 2018 4:12 pm
Denmark finds itself at a pivoting point in its. Going from exporting to importing oil is a critical moment for all oil exporting nations. A decline in production in one year is worrying. Even if their production peaks again in 2024 and matches consumption again, it will only be for a short time. The people of Denmark should prepare for some belt tightening. The gas helps, though. They need to invest in reducing oil consumption.
twocats on Sun, 2nd Sep 2018 4:49 pm
just follow the US model – find a sparsely inhabited land with untold natural resources – kill and expel those people. build an army 5x bigger than any other. be the last country standing after a couple of world wars. kill and undermine any potential rivals for a few decades. oh, don’t forget about reserve currency so you can fund non-profitable oil drilling so some dead-end loser trolls can brag about it on the internet… worth it!
easy-peasy-lemon-squeezy.
Outcast_Searcher on Sun, 2nd Sep 2018 9:35 pm
Global oil production continues to increase. The doomers acting like this sideshow is a big deal is typical, but meaningless.
Davy on Mon, 3rd Sep 2018 6:11 am
“Global oil production continues to increase. The doomers acting like this sideshow is a big deal is typical, but meaningless.”
OS, you try too hard to be a cornucopian with your gushing on the global economy and how wonderful the energy picture is. I realize this board is swamped with extremism and doom but you lower your intellectual respectability when you fail to show balance.
Anonymous on Mon, 3rd Sep 2018 8:41 am
The US has achieved net exports of natural gas:
https://www.eia.gov/dnav/ng/hist/n9180us1m.htm
In addition, production itself is at record levels:
https://www.eia.gov/dnav/ng/hist/n9070us1m.htm
All of this, with price under $3 and gas directed rigs under 200.
pstarr on Mon, 3rd Sep 2018 3:46 pm
Westexas’s Export Land Model. Denmark sells oil abroad and becomes wealthy. More domestic demand, less to export. Oil Bidness 101