Denmark Oil and Gas Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 0.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Denmark Oil and Gas Market Analysis
The Denmark Oil and Gas Market is expected to register a CAGR of more than 0.7% during the forecast period.
The Denmark Oil and Gas Market was negatively affected by COVID-19 due to the oil price crash and regional lockdowns. However, the market rebounded in 2021.
- Over the medium term, factors such as increasing energy demand and ongoing offshore exploration and production projects are expected to drive the market significantly during the forecast period.
- On the other hand, as most of the fields are in the maturing phase, oil and gas production is expected to decline in the coming years.
- The country's government's focus on increasing natural gas production is expected to create vast opportunities for oil and gas players in the future.
Denmark Oil and Gas Market Trends
This section covers the major market trends shaping the Denmark Oil & Gas Market according to our research experts:
Upstream Operations to Dominate the Market
- Denmark's hydrocarbon production is primarily offshore. Primary production comes from crucial developments such as Dan and Halfdan in the Central North Sea.
- The existing offshore fields are mature; the plan of the Danish government to redevelop the Tyra field is expected to drive the declining oil and gas production market in the country.
- Crude oil and natural gas production is declining continuously, from 167 thousand barrels in 2014 to 65 thousand in 2021. Similarly, natural gas has declined, with 4.8 billion cubic meters in 2014 and 1.3 billion cubic meters in 2021.
- Although the Danish government is shifting towards renewable energy, the oil and gas market can witness gradual growth with new operations in the offshore sector.
- Therefore, due to the aforementioned factors, the upstream sector is expected to dominate the market.
Upcoming Projects to Drive the Oil and Gas Market
- In recent years, the country's natural gas production has declined significantly to 1.3 billion cubic meters in 2021, and there have been very few oil and gas projects in the country. Additionally, the country's government, in December 2020, canceled all upcoming oil and gas projects. However, after the Russia-Ukraine conflict, Europe's energy supply was severely impacted, leading to the rejuvenation of several oil and gas projects.
- In April 2022, the country's President announced that the country's government is looking forward to increasing domestic natural gas production in the North Sea. This was aimed at reducing the country's dependence on Russian energy sources. In 2021, the country's government unveiled plans to reach 3.2 billion cubic meters of peak gas production capacity in 2027.
- Tyra field, Denmark's largest gas field, is integral to the Danish gas industry, with more than 90% of the country's production processed through its facilities. The field closed in September 2021 for redevelopment work due to seabed subsidence, and production is expected to restart by mid-2023.
- In September 2022, Ineos announced that the company is to develop the Solsort West field in the North Sea in Denmark after the country's first approval of such a project in years. Danoil and Nordsøfonden are Ineos's partners in the project, and the first oil and gas production is expected in the fourth quarter of 2023.
- Therefore, upcoming new oil and gas projects are expected to drive Denmark's oil and gas market during the forecast period.
Denmark Oil and Gas Industry Overview
The Denmark Oil and Gas Market is partially consolidated. Some of the major companies include (not in particular order) TotalEnergies SE, Shell PLC, Equinor ASA, Norwegian Energy Company ASA, Energinet DK, and Gaslager A/S.
Denmark Oil and Gas Market Leaders
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Equinor ASA
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Norwegian Energy Company ASA
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Energinet DK Gaslager A/S
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TotalEnergies SE
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Shell PLC
*Disclaimer: Major Players sorted in no particular order
Denmark Oil and Gas Market News
- September 2022: Petrochemicals group Ineos announced the development of an oil and gas field in Denmark. Ineos will develop the Solsort West field in the North Sea with Danoil and Nordsøfonden. The first oil and gas production is expected in the fourth quarter of 2023.
- March 2022: Energinet announced that the construction work on the Danish part of the Baltic Pipe has resumed after it was halted in May 2021 due to environmental issues. The pipeline is expected to run at a total capacity of up to 10 billion cubic meters from 1 January 2023.
Denmark Oil and Gas Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Crude Oil Production and Consumption Forecast in thousands barrels per day, till 2027
- 4.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2027
- 4.4 Recent Trends and Developments
- 4.5 Government Policies and Regulations
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4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
- 4.8 PESTLE Analysis
5. MARKET SEGMENTATION BY SECTOR
- 5.1 Upstream
- 5.2 Midstream
- 5.3 Downstream
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 TotalEnergies SE
- 6.3.2 Shell PLC
- 6.3.3 Equinor ASA
- 6.3.4 Norwegian Energy Company ASA
- 6.3.5 Energinet DK Gaslager A/S
- 6.3.6 Wintershall Dea GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityDenmark Oil and Gas Industry Segmentation
Oil and Gas means petroleum, natural gas, and other related hydrocarbons or minerals or any of them and all other substances produced or extracted in association in addition to that.
The Denmark Oil and Gas Market is segmented by sector into upstream, midstream, and downstream. The report offers crude oil production and consumption forecasts (thousand barrels per day) and natural gas production and consumption forecasts (billion cubic feet per day).
Denmark Oil and Gas Market Research FAQs
What is the current Denmark Oil and Gas Market size?
The Denmark Oil and Gas Market is projected to register a CAGR of greater than 0.7% during the forecast period (2024-2029)
Who are the key players in Denmark Oil and Gas Market?
Equinor ASA , Norwegian Energy Company ASA, Energinet DK Gaslager A/S , TotalEnergies SE and Shell PLC are the major companies operating in the Denmark Oil and Gas Market.
What years does this Denmark Oil and Gas Market cover?
The report covers the Denmark Oil and Gas Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Denmark Oil and Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Denmark Oil and Gas Industry Report
Statistics for the 2024 Denmark Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Denmark Oil and Gas analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
