Exploring possible scenarios for phasing out oil and gas production faster than planned in the Danish North Sea

Photo by Ben Wicks on Unsplash

As a major producing country, Denmark has the responsibility to phase out oil and gas in response to the climate crisis. The Danish North Sea Agreement, which provides the direction for the sector and the country’s carbon neutrality target, sets 2050 as a final end date for all oil and gas-related activities in the Danish part of the North Sea. In fulfilling the agreement, however, two central questions need to be answered. First, what are the economic consequences of the oil and gas phase-out? And second, based on the answer to the previous question, when are offshore oil and gas activities likely to become unprofitable for the Danish state, hence making the case for an earlier deadline?

This Oil and Gas Transitions report aims to provide the answers to these questions. It was produced following an expert workshop and consultation with relevant stakeholders between April and May 2022.