Russian invasion of Ukraine could expedite 188 million barrels of Danish oil

In the fall, TotalEnergies postponed investment decisions on Valdemar Bo Syd and Halfdan Nord projects by several years. In light of the war in Ukraine, however, the oil giant is once again looking into expediting the plans.

Tyra remains a top priority for TotalEnergies in Denmark. However, the company is mulling its options for boosting production. | Photo: Total Energies

The obvious fact that energy is politics manifests itself in a wide manner of ways. At the end of 2020, the Danish oil and gas sector was revitalized when the Danish government and a broad political majority voted to preserve the oil industry until 2050. This decision instilled confidence in the regulatory framework among oil companies, leading them to dust off several development projects in the Danish part of the North Sea.

Two of the most interesting prospects were Valdemar Bo Syd and Halfdan Nord. Just a few weeks after the political agreement was adopted, the largest player in the Danish sector, TotalEnergies, submitted field development plans for the two sites, expected to hold 118 million barrels of primarily oil. According to the plan, production would start in 2024 pending the company’s final investment decision.

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