Page 40 - Danish Offshore Industry 2020

TO MEET GLOBAL ENERGY DEMAND, OIL AND GAS

WILL BE NEEDED FOR MANY YEARS TO COME

Global energy demand means that oil and gas will continue to be in high demand for many years to come.

Even with a green transition, where renewables will deliver a much greater share than they do today and where
accele rated improvement in energy efficiency will add energy significantly too, fuel from oil and gas will be in
demand.
Gas-fired 5%
Based on DNV GL’s model of the world energy system, Offshore wind 17%
DNV GL forecasts that demand for fossil fuels will be Nuclear 11%
significant: Fossil fuels will meet 46% of world energy Biomass-fired 4%
demand in 2033, when global energy demand is
estimated to peak.
Hydro-power 10%
By comparison, 2017 saw oil and gas provide 54%.
Onshore wind 23%
DNV GL expects demand for gas to overtake demand Solar PV 26%
for oil in 2026 to become the world’s primary energy
source, and that gas demand will continue to increase
until 2033. This graphic is from DNV GL’s ’Energy Transition Outlook 2019’

DUC – STILL GOING STRONG

The Danish Underground Consortium (DUC) was established in 1962.
Originally, the DUC consisted of A.P. Møller, Shell and Gulf, with Gulf being the selected operator.

The companies comprising the consortium have changed over the years. The composition of the consortium was
changed in 2012, when the state-owned partner Nordsøfonden joined with a 20% share.

In 2018, Total acquired Mærsk Oil & Gas, including the Sole Concession and the role of operator in DUC. Today, DUC
is a joint venture between Total E&P Danmark (31.2%), Noreco (36.8%), Total Denmark ASW, Filial af Total Denmark
ASW Inc. (12%) and Nordsøfonden (20%).

The Sole Concession covers 1,635.7 km² of the Danish shelf, roughly equivalent to the size of the Danish islands
Lolland-Falster.

DANISH OIL PRODUCTION HAS THE LOWEST

CARBON FOOTPRINT IN THE WORLD

Nowhere in the world is oil produced with fewer greenhouse gas emissions than in the Danish oil sector. Denmark’s
score on a volume-weighted average in terms of greenhouse gases rates Danish production lowest – followed by
Saudi Arabia, Bahrain, Thailand and Ghana. At the other end of the scale, Algeria tops, followed by Venezuela,
Cameroon, Canada and Iran.

Source: Science vol 361, issue 6405

38 / NOTES