EnergyWatch

Oil companies support Maersk's North Sea tax demands

Several oil companies want more advantageous taxation in Denmark. Whether politicians decide to renegotiate it could prove crucial for the viability of the country's oil and gas industry, according to subcontractor Danoil.

Photo: /ritzau/CLAUS BONNERUP

Denmark's largest oil company, Maersk Oil, is not the only player looking to pay less tax on its earnings from Danish North Sea oil. Tuesday, Danish newspaper Børsen reports that oil industry subcontractors are also calling for political change to secure the future of their business.

CEO of Danoil, Svend Lykkemark Christensen, believes that the Danish oil and gas industry will shut down if a renegotiation of taxation and depreciation rules does not fall in the favor of the oil companies. Besides redrafting tax legislation, politicians need to find a solution for Maersk's sinking and soon-to-be defunct Tyra platform, which is a hub for the Danish offshore oil and gas production. Otherwise, the future looks bleak for the sector, he says:

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