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Danish gov't to review Maersk oil business in North Sea

(Xinhua)

09:49, November 17, 2011

COPENHAGEN, Nov. 16 (Xinhua) -- The Danish government said Wednesday that it will revise a contract on oil business granted to Danish oil and shipping company A.P. Moller-Maersk in the North Sea, in a bid to raise the state's revenues from oil and gas production.

"The government wishes to undertake a review of the economic parameters concerning oil and gas production in Denmark, including the North Sea agreement from 2003," the country's Ministry of Climate, Energy and Buildings Martin Lidegaard said in a statement.

The agreement, or concession, could be modified in keeping with the existing framework or by a new, negotiated deal, it added.

"The North Sea agreement will go for review. And the review can lead to re-opening of negotiations," Lidegaard told reporters Tuesday.

Denmark produces around 245,000 barrels of oil per day, ranking as Europe's third-biggest producer after Norway and Britain

The review is prompted by a rise in global oil prices, and the impact could have on the Danish state's earnings from hydrocarbon reserves in its sector of the North Sea.

"The government wants society to get the biggest possible returns from oil and gas resources," the ministry said.

"But at the same time, the terms should be competitive so that there is continued interest in investing here in Denmark," it added.

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