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North Sea negotiations stranded

North Sea negotiations stranded

10-03-2017 10:00:00


Negotiations between Maersk and the government on a new tax agreement for the North Sea is put on stand-by. According to Børsen, this is due to the controversy surrounding the development of oil prices.

An agreement on the new tax treatment for exploration in the North Sea between the government and Maersk was almost ready to be signed, but the presentation of the agreement was canceled at the last minute.
According to Børsen, this is due to the disagreement on the development of oil prices in the coming years.

The level of oil prices is crucial to how much the remaining amount of gas and oil in the Danish underground is worth. According to Børsen, Maersk has a conservative view on the oil price development. They figure that a price of around $50-56 is the new standard that will hold up to 2020, while the Finance Ministry predicts a price of $73 in 2020, writes Børsen.

The higher the expectations are for future oil prices, the less compensation the government need to give Maersk and DUC partners for their investment in the modernization of the Tyra field. And vice versa. A conservative estimate - which Maersk uses - will require the framework conditions to be significantly improved.

The CEO of BP, Bub Dudley said in an interview with CNBC that the company expects an oil price of "55-60 dollar" in the coming five years. He therefore anticipates a slightly higher level than Maersk, but significantly lower than the Danish Ministry of Finance.

The modernization of the Tyra field is expected to cost around 30 billion. kroner.
In December, Maersk made it obvious that the field will be shut down, if an improved deal with the government cannot be made.

Source: Børsen and Splash / Maritime Denmark


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