Maersk Oil has announced that the Danish Underground Consortium (DUC) has approved a DKK21bn ($3.36bn) investment in the redevelopment of the Tyra gas field, Denmark’s largest gas field.
The announcement follows the Danish Parliament’s approval and represents the largest oil and gas project investment ever made in the Danish North Sea.
Maersk says the investment will enable Tyra to continue operations for at least 25 years.
Gretchen Watkins, CEO of Maersk Oil, commented: “Tyra has been a key asset in the history of Maersk Oil, and an important source of energy security for Denmark. The redevelopment of Tyra is the largest investment carried out in the Danish North Sea, and when completed in 2022, production from the Tyra field itself has the potential to cover Danish gas consumption for a decade.”
The Tyra field will be shut-in for the redevelopment in November 2019, with production expected to recommmence in July 2022.