Maersk Oil is happy to announce that the Danish Underground Consortium (DUC) has authorized an funding of roughly DKK 21 billion within the full redevelopment of Tyra gasoline discipline. The announcement follows the Danish Parliament’s approval to implement laws to safe the funding.
The redevelopment of Tyra ensures continued manufacturing from Denmark’s largest gasoline discipline, and can defend and rejuvenate essential Danish North Sea infrastructure.
Today’s announcement represents the most important oil and gasoline mission funding ever made within the Danish North Sea, enabling Tyra to proceed operations for at the very least 25 years. At peak manufacturing, the redeveloped Tyra gasoline discipline will present sufficient gasoline to produce 1.5 million Danish properties, supporting power safety, future tax revenues and employment for Denmark.
The funding price for the modification to current services and development of recent services (CAPEX) is estimated at roughly DKK 17 billion, and the price in relation to elimination and decommissioning of present services (ABEX) is estimated at roughly DKK four billion.
Extending the lifetime of the Danish North Sea
Tyra is the centre of Denmark’s nationwide power infrastructure, processing 90% of the nation’s gasoline manufacturing. Through new improvement initiatives and third get together tie-ins, the redevelopment of Tyra generally is a catalyst for extending the lifetime of the Danish North Sea – not only for Maersk Oil and the DUC, but additionally for Denmark.
The new infrastructure can allow operators to pursue new gasoline initiatives within the northern a part of the North Sea, the place the newest improvement, Tyra Southeast, delivered first gasoline in 2015 and is producing above expectations.
The redeveloped Tyra is predicted to ship roughly 60.000 boed at peak, and it’s estimated that the redevelopment can allow the manufacturing of greater than 200 MMboe. Approximately 2/three of the manufacturing is predicted to be gasoline and 1/three to be oil.
Alongside the Maersk Oil-operated Culzean improvement within the UK North Sea, the Tyra gasoline discipline redevelopment will increase Maersk Oil’s publicity to pure gasoline manufacturing; an essential bridging gasoline for the power transition.
Maersk Oil CEO, Gretchen Watkins, mentioned: “Tyra has been a key asset within the historical past of Maersk Oil, and an essential supply of power safety for Denmark. The redevelopment of Tyra is the most important funding carried out within the Danish North Sea, and when accomplished in 2022, manufacturing from the Tyra discipline itself has the potential to cowl Danish gasoline consumption for a decade.”
Protecting shared pursuits
The redevelopment of Tyra is enabled by the laws, applied by the Danish Parliament Nov. 28-30, 2017.
The Danish Minister for Energy, Utilities and Climate, Lars Chr. Lilleholt (V), mentioned: “I’m happy that the DUC companions have made the ultimate determination for this funding. The full reconstruction of Tyra is important to the event of the Danish North Sea oil and gasoline sector. Not simply to Maersk Oil – however to many firms counting on Tyra as a central gasoline hub.”
Maersk Oil’s Chief Operating Officer, Martin Rune Pedersen, mentioned: “The redevelopment of Tyra is proof of a shared curiosity in prolonging the lifetime of the Danish North Sea. The funding on this globally vital oil and gasoline mission will assist a number of thousand Danish jobs, and it may well allow future vital trade investments in new improvement initiatives made attainable by the redeveloped Tyra gasoline infrastructure.”
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Tyra discipline might be shut-in for the redevelopment in November 2019, and manufacturing is predicted to recommmence in July 2022.