Denmark’s government has agreed with the majority in parliament to put an end to all oil and gas exploration and extraction in the North Sea by 2050,
The deal agreed by lawmakers late on Dec. 3 will cancel a planned eighth licensing round and any future tenders while also making 2050 the last year to extract fossil fuels in the North Sea.
We are now putting a final end to the fossil era, Climate Minister Dan Joergensen said in a statement.
Denmark is the largest producer of oil and gas in the EU, which doesn’t include Norway and the UK, both much larger producers.
Denmark is estimated to produce 83,000 barrels of crude oil and another 21,000 barrels of oil equivalent in 2020.
The canceled tender and an end-date in 2050 would translate into a total loss of 13 billion Danish crowns ($2.1 billion), the Ministry of Climate, Energy, and Utilities estimated, but it said this amount was subject to substantial uncertainty.
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