The production record was achieved at a time when oil companies are making major new investments in the Danish sector. Thus, as many as nine exploration and appraisal wells and 27 new development wells were drilled in Danish fields in 2002. Moreover, the Danish Energy Authority has approved plans for the development of a number of fields, involving investments of about DKK 8.3 billion in 2003 alone. The high production figures combined with the relatively high oil prices in 2002 resulted in a total revenue for the Danish state of about DKK 10 billion from oil and gas activities. The aggregate value of Danish oil and gas production exceeded DKK 32 billion in 2002.
The Danish Energy Authority assessed total reserves at 290 million m3 of oil and 129 billion Nm3 of natural gas at 1 January 2003. This represents a decline of 7% and 9%, respectively, compared to the assessment made at 1 January 2002. The decrease approximates the volumes produced in 2002. Despite a high level of exploration activity, the oil companies have failed to find new reserves to outweigh the oil and gas produced during the year.
The international financial and political situation influences oil production as well as oil prices. This turns the spotlight on world energy supply and oil reserves. Therefore, this year's report includes a special section on global energy consumption and oil reserves.
Again in 2002, special focus was placed on safety on board the North Sea installations. To follow up the Gorm Field incident in 2001, the Danish government presented an action plan in 2002 that involves intensified safety supervision by the Danish Energy Authority.
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