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A majority in the Folketing decided on Thursday night that Denmark will not start new exploration drilling in the North Sea and that oil extraction will be phased out entirely by 2050.
– It resonates around the world that we make this decision. This is in line with our decision to be fossil-free in 2050, says Climate Minister Dan Jørgensen (S).
The parties behind the so-called North Sea Agreement specifically agreed to abandon the eighth round of licenses, which would open for continued oil extraction until 2050.
The decision comes at a time when politicians are working to come up with several important decisions that will make Denmark a pioneer country when it comes to climate, writes Danish BT.
However, the agreement comes as French oil company Total withdrew its latest application for new exploration permits. Total is the biggest player on the Danish side of the North Sea, and this has been interpreted as a sign that the oil adventure has now come to an end.
Oil Workers Need Retraining
Denmark is the largest oil producer in the EU, but ranks 40th internationally.
Since extraction began in 1972, the Danish treasury has made 541 billion Danish crowns from the oil business, but revenues have fallen in recent years. Partly because of lower oil prices, but also because less oil remains in Danish oil fields.
In 2019, revenue from the oil business was DKK 5.9 billion, according to figures from the Danish Energy Agency.
Thousands of employees in the oil industry will eventually have to find new jobs. To this end, the parties set aside DKK 90 million for, inter alia, recycling.
