Denmark Oil and Gas Market Size (2024 - 2029)

The Denmark Oil and Gas Market is projected to experience modest growth over the forecast period, driven by rising energy demand and ongoing offshore exploration and production activities. Despite the initial negative impact of COVID-19, the market has shown recovery. However, the maturation of most fields is anticipated to lead to a decline in production. The government's emphasis on boosting natural gas production is expected to offer significant opportunities for market participants, influencing the overall market size positively in the future.

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Market Size of Denmark Oil and Gas Industry

Denmark Oil and Gas Market Summary
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

Denmark Oil and Gas Market 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 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).

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Denmark Oil and Gas Market Size Summary

The Denmark Oil and Gas Market is poised for gradual growth, driven by increasing energy demand and ongoing offshore exploration and production projects. Despite the negative impact of COVID-19, which led to an oil price crash and regional lockdowns, the market showed resilience and rebounded in 2021. The country's hydrocarbon production is primarily offshore, with significant contributions from fields like Dan and Halfdan in the Central North Sea. However, most existing fields are in the maturing phase, leading to a decline in oil and gas production. The Danish government's focus on enhancing natural gas production is expected to create opportunities for industry players, even as the country shifts towards renewable energy sources.

Recent geopolitical events, such as the Russia-Ukraine conflict, have prompted a renewed interest in domestic oil and gas projects to reduce dependence on Russian energy. The redevelopment of the Tyra field, Denmark's largest gas field, is crucial for the country's gas industry, with plans to restart production by mid-2023. Additionally, the development of the Solsort West field by Ineos, in partnership with Danoil and Nords√∏fonden, marks a significant step in revitalizing the sector. The market is partially consolidated, with major companies like TotalEnergies SE, Shell PLC, and Equinor ASA playing pivotal roles. These developments are expected to drive the market forward during the forecast period.

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Denmark Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Oil Production and Consumption Forecast in thousands barrels per day, till 2027

    3. 1.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION BY SECTOR

    1. 2.1 Upstream

    2. 2.2 Midstream

    3. 2.3 Downstream

Denmark Oil and Gas Market Size FAQs

The Denmark Oil and Gas Market is projected to register a CAGR of greater than 0.7% during the forecast period (2024-2029)

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.

Denmark Oil and Gas Market Report Snapshots

Denmark Oil and Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)