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$80 million bet placed on Danish oil

April 5, 2013 at 7:56 AM

COPENHAGEN, Denmark, April 5 (UPI) -- A project backed by the Danish Energy Agency should add 50 million barrels of oil equivalent to the country's reserve potential in 30 years, an executive said.

A consortium led by Maersk Oil, Shell, Nordsofonden and Chevron announced plans to build Tyra Southeast, an unmanned platform in the Danish waters of the North Sea.

The project represents an $80 million investment and should add 20 million barrels of oil and 170 billion cubic feet of natural gas, or 50 million barrels of oil equivalent, during the next 30 years.

Peak production of 20,000 barrels of oil equivalent per day is expected by 2017.

Managing Director for Maersk Oil Mark Wallace said Danish waters hold substantial quantities of oil and natural gas but major investments are needed to get at remains.

"The Tyra Southeast development is an example of our efforts to maximize recovery from the Danish North Sea," he said in a statement. "The investment represents an important part of the next chapter in the Danish oil production."

The consortium expects to have the platform installed by the end of next year. First oil is planned by 2015.

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