Maersk Oil says that the Danish Underground Consortium (DUC) has come to an agreement with the Danish government which will allow for a redevelopment of the Tyra facilities in the Danish North Sea.
The Tyra field is operated by Maersk Oil on behalf of DUC, a partnership between A.P. Moller Maersk, Shell, Nordsøfonden and Chevron. It produces 90% of Denmark’s gas production.
The field requires redevelopment due to subsidence of the chalk reservoir leading to the platforms sinking by around 5 metres over the last 30 years, reducing the gap between the sea and the platform decks.
Gretchen Watkins, chief executive of Maersk Oil, commented: “Today’s announcement reaffirms the commitment Maersk Oil has made to invest in the future of North Sea oil and gas and, in particular, in our heartland in Denmark. The recognition of shared value between government and industry in investments like the redevelopment of Tyra are a blueprint for the type of collaboration that will support value creation for decades to come.”
The agreement is subject to Danish parliamentary approval, and a final investment decision will be made by the end of the year.