Denmark Will Stop Oil And Gas Production In The North Sea By 2050

Denmark Will Stop Oil And Gas Production In The North Sea By 2050

Denmark will stop oil and gas production in the North Sea by 2050. The law was approved by the Danish parliament. The government has also decided not to issue licenses to explore new deposits. Denmark has been extracting oil and gas since 1972. It is the largest producer of both commodities in the EU. According to government estimates, the country will extract about 83,000 barrels of crude oil and another 21,000 barrels of oil equivalent this year. In a global context, these are relatively small volumes. The United Kingdom is mining about ten times more. The world's largest producer, the US last year, extracted more than 19 million barrels of oil. The decision to move away from fossil fuels has received widespread support across the political spectrum. Policy change is therefore unlikely in the future. Denmark has committed itself to withdrawing from oil and gas under the Paris Agreement on Climate Change.