Danish Consortium to Invest $800 Million on Tyra Southeast Expansion

By Finance

Maersk informed for and expansion of the Tyra Southeast development that has been approved by the Danish Underground Consortium (DUC) which will invest $800 million in the Danish North Sea. The idea is for a new unmanned platform, subsea pipelines, drilling services and this is expected to add reserves and resources of 50 million barrels of oil and this is equal to the Danish production for the next 30 years.
This Danish Underground Consortium (DUC) is a collaboration between A.P. Møller – Mærsk (31.2%), Shell (36.8%), Nordsøfonden (20%) and Chevron (12.0%).
"The Danish North Sea still contains significant oil and gas resources," said Mark Wallace, Managing Director for Maersk Oil Danish Business Unit, the operator of the DUC. "However, the remaining oil and gas is becoming progressively more difficult to extract requiring efficient development, new technology and continued large investments. The Tyra Southeast development is an example of our efforts to maximize recovery from the Danish North Sea. The investment represents an important part of the next chapter in the Danish oil production."
The project has been formally approved by the Danish Energy Agency.