Denmark Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020

Denmark Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020

Summary

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Denmark. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in Denmark. The report also analyses the fiscal regime relevant to the crude oil assets in Denmark and compares the investment environment in Denmark with other countries in the region. The profiles of the major companies operating in the crude oil sector in Denmark together with the latest news and deals are also included in the report.

Scope

-Historic and forecast data relating to production, consumption, imports, exports and reserves are provided for each industry sub-segment for the period 1995-2020.
-Historical and forecast data and information for all the major oil fields, refineries, pipelines and storage terminals in Denmark for the period 1995-2020.
-Operator and equity details for major crude oil assets in Denmark.
-Key information relating to market regulations, key energy assets and the key companies operating in the Denmark’s energy industry.
-Detailed information on key fiscal terms (such as rents, bonuses, royalty, cost recovery, profit oil, petroleum and corporate taxes) pertaining the geography is also provided. A sample calculation detailing how fiscal terms apply to a typical asset in the regime is included.
-Information on the top companies in the Denmark including business description, strategic analysis, and financial information.
-Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.
-Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.

Reasons to buy

-Gain a strong understanding of the country’s energy market.
-Facilitate market analysis and forecasting of future industry trends.
-Evaluate the attractiveness of the geography for oil investment in the light of government policies and the fiscal environment.
-Facilitate decision making on the basis of strong historic and forecast production, reserves and capacity data.
-Understand the geography’s policies and fiscal terms, and their impact on contractor’s profits from upstream oil assets.
-Assess your competitor’s major crude oil assets and their performance.
-Analyze the latest news and financial deals in the oil sector of each country.
-Develop strategies based on the latest operational, financial, and regulatory events.
-Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.
-Identify and analyze the strengths and weaknesses of the leading companies in the country.

1 2
1.1 List of Tables 9
1.2 List of Figures 11
2 Denmark Energy Sector 12
2.1 Denmark Energy Sector, Market Overview 12
2.2 Denmark Energy Sector, Crude Oil 13
2.2.1 Denmark Crude Oil, Overview 13
2.2.2 Denmark Crude Oil, Supply and Demand Balance 13
2.2.3 Denmark Crude Oil, Regulatory Structure 19
2.2.4 Denmark Crude Oil, Infrastructure 20
3 Denmark Fiscal Regime 21
3.1 Denmark Petroleum Fiscal Environment 21
3.2 License Terms 21
3.3 Key Fiscal Terms 23
3.4 Sample Cashflows Calculations 26
4 Denmark Oil Upstream Investment Environment Benchmarking 27
4.1 Introduction 27
4.2 The Overall Ranking 27
4.3 Upstream Fiscal Attractiveness 28
4.3.1 Maximum Government Take Index 29
4.3.2 Maximum State Participation 30
4.4 Oil Sector Performance 30
4.4.1 Exploration Activity 32
4.4.2 Oil Production 33
4.4.3 Oil Reserves 33
4.4.4 Oil Consumption 34
4.4.5 Refining Industry 34
4.5 Economic Performance 34
4.5.1 GDP Growth Index 36
4.5.2 FDI Confidence Index 36
4.5.3 Balance of Trade Index 37
4.6 Socio-Political Performance 37
5 Denmark Exploration and Production Sector 40
5.1 Denmark Exploration and Production Sector, Country Snapshot 40
5.1.1 Denmark Exploration and Production Sector, Key Data 40
5.1.2 Denmark Exploration and Production Sector, Crude Oil Assets Map 40
5.2 Denmark Exploration and Production Sector, Gross Crude Oil Production 41
5.2.1 Denmark Exploration and Production Sector, Gross Crude Oil Historical Production 41
5.2.2 Denmark Exploration and Production Sector, Gross Crude Oil Production by Assets 42
5.2.3 Denmark Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 43
5.2.4 Denmark Exploration and Production Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 45
5.3 Denmark Exploration and Production Sector, Gross Crude Oil Forecasts 47
5.3.1 Denmark Exploration and Production Sector, Crude Oil Gross Forecasted Production 47
5.3.2 Denmark Exploration and Production Sector, Gross Revenue Forecast 47
5.3.3 Denmark Exploration and Production Sector, Government Take Forecast 48
5.3.4 Denmark Exploration and Production Sector, Contractor Take Forecast 48
5.4 Denmark Exploration And Production Sector, Crude Oil Asset Details 49
6 Denmark Pipeline Sector 50
6.1 Denmark Pipeline Sector, Key Data 50
6.2 Denmark Pipeline Sector, An Overview 50
6.3 Denmark Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 51
6.4 Denmark Pipeline Sector, Crude Oil Pipelines 51
7 Denmark Refining Sector 52
7.1 Denmark Refining Sector, Key Data 52
7.2 Denmark Refining Sector, An Overview 52
7.2.1 Denmark Refining Sector, Total Refining Capacity 52
7.3 Denmark Refining Sector, Capacity- Wise Market Share by Company 53
7.4 Denmark Refining Sector, Crude Distillation Unit Capacity 56
8 Denmark Oil and Chemicals Storage Sector 57
8.1 Denmark Oil and Chemicals Storage Sector, Key Data 57
8.2 Denmark Oil and Chemicals Storage Sector, An Overview 57
8.2.1 Denmark Oil and Chemicals Storage Sector, Total Storage Capacity 57
8.3 Denmark Oil and Chemicals Storage Sector, Capacity- Wise Market Share by Company 58
8.4 Denmark Oil and Chemicals Storage Sector, Storage Capacity 60
9 Profile of Royal Dutch Shell Plc 61
9.1 Royal Dutch Shell Plc, Key Information 61
9.2 Royal Dutch Shell Plc, Company Overview 61
9.3 Royal Dutch Shell Plc, Business Description 61
9.3.1 Royal Dutch Shell Plc, Business Description, Overview 61
9.3.2 Royal Dutch Shell Plc, Business Description, Chemicals 62
9.3.3 Royal Dutch Shell Plc, Business Description, Corporate and Others 63
9.3.4 Royal Dutch Shell Plc, Business Description, Exploration and Production 63
9.3.5 Royal Dutch Shell Plc, Business Description, Gas and Power 65
9.3.6 Royal Dutch Shell Plc, Business Description, Oil Products 67
9.3.7 Royal Dutch Shell Plc, Business Description, Oil Sands 69
9.4 Royal Dutch Shell Plc, Value Chain Analysis 71
9.4.1 Royal Dutch Shell Plc, Value Chain Analysis, Upstream 71
9.4.2 Royal Dutch Shell Plc, Value Chain Analysis, Midstream 72
9.4.3 Royal Dutch Shell Plc, Value Chain Analysis, Retail 73
9.4.4 Royal Dutch Shell Plc, Value Chain Analysis, Power Generation 74
9.4.5 Royal Dutch Shell Plc, Value Chain Analysis, Transformation 74
9.5 Royal Dutch Shell Plc, SWOT Analysis 75
9.5.1 Royal Dutch Shell Plc, SWOT Analysis, Overview 75
9.5.2 Royal Dutch Shell Plc, SWOT Analysis, Strengths 76
9.5.3 Royal Dutch Shell Plc, SWOT Analysis, Weaknesses 77
9.5.4 Royal Dutch Shell Plc, SWOT Analysis, Opportunities 77
9.5.5 Royal Dutch Shell Plc, SWOT Analysis, Threats 79
9.6 Royal Dutch Shell Plc, Revenue Analysis 80
9.6.1 Royal Dutch Shell Plc, Revenue by Segment 80
9.6.2 Royal Dutch Shell Plc, Revenue by Geography 81
9.7 Royal Dutch Shell plc, Financial and Operational Review 82
9.7.1 Financial Statements 82
9.7.2 Financial Ratios 83
10 Profile of A.P. Moller - Maersk AS 84
10.1 A.P. Moller - Maersk AS, Key Information 84
10.2 A.P. Moller - Maersk AS, Company Overview 84
10.3 A.P. Moller - Maersk AS, Business Description 84
10.3.1 A.P. Moller - Maersk AS, Business Description, Business Overview 84
10.3.2 A.P. Moller - Maersk AS, Business Description, Container Shipping and Related Activities Segment 85
10.3.3 A.P. Moller - Maersk AS, Business Description, Container Shipping and Related Activities Segment 86
10.3.4 A.P. Moller - Maersk AS, Business Description, Oil and Gas Activities Segment 87
10.3.5 A.P. Moller - Maersk AS, Business Description, Retail Activity Segment 87
10.3.6 A.P. Moller - Maersk AS, Business Description, Shipyards, Other Industrial Companies, Interest in Danske Bank, etc., Segment 88
10.3.7 A.P. Moller - Maersk AS, Business Description, Tankers, Offshore and Other Shipping Activities Segment 89
10.4 A.P. Moller - Maersk AS, Value Chain Analysis 91
10.4.1 A.P. Moller - Maersk AS, Value Chain Analysis, Upstream 91
10.4.2 A.P. Moller - Maersk AS, Value Chain Analysis, Midstream 92
10.5 A.P. Moller - Maersk AS, SWOT Analysis 93
10.5.1 A.P. Moller - Maersk AS, SWOT Analysis, Overview 93
10.5.2 A.P. Moller - Maersk AS, SWOT Analysis, Strengths 94
10.5.3 A.P. Moller - Maersk AS, SWOT Analysis, Weaknesses 95
10.5.4 A.P. Moller - Maersk AS, SWOT Analysis, Opportunities 96
10.5.5 A.P. Moller - Maersk AS, SWOT Analysis, Threats 97
10.6 A.P. Moller - Maersk AS, Revenue Analysis 98
10.6.1 A.P. Moller - Maersk AS, Revenue by Segment 98
10.6.2 A.P. Moller - Maersk AS, Revenue by Geography 99
10.7 A.P. Moller - Maersk AS, Financial and Operational Review 100
10.7.1 Financial Statements 100
10.7.2 Financial Ratios 101
10.8 A.P. Moller - Maersk AS, Operational Indicators 102
11 Profile of Chevron Corporation 103
11.1 Chevron Corporation, Key Information 103
11.2 Chevron Corporation, Company Overview 103
11.3 Chevron Corporation, Business Description 103
11.3.1 Chevron Corporation, Business Description, Overview 103
11.3.2 Chevron Corporation, Business Description, Chemicals 104
11.3.3 Chevron Corporation, Business Description, Downstream Segment 105
11.3.4 Chevron Corporation, Business Description, Others Segment 107
11.3.5 Chevron Corporation, Business Description, Upstream Segment 108
11.4 Chevron Corporation, Value Chain Analysis 110
11.4.1 Chevron Corporation, Value Chain Analysis, Upstream 110
11.4.2 Chevron Corporation, Value Chain Analysis, Midstream 112
11.4.3 Chevron Corporation, Value Chain Analysis, Retail 112
11.4.4 Chevron Corporation, Value Chain Analysis, Power Generation 113
11.4.5 Chevron Corporation, Value Chain Analysis, Transformation 114
11.5 Chevron Corporation, SWOT Analysis 115
11.5.1 Chevron Corporation, SWOT Analysis, Overview 115
11.5.2 Chevron Corporation, SWOT Analysis, Strengths 115
11.5.3 Chevron Corporation, SWOT Analysis, Weaknesses 116
11.5.4 Chevron Corporation, SWOT Analysis, Opportunities 117
11.5.5 Chevron Corporation, SWOT Analysis, Threats 118
11.6 Chevron Corporation, Revenue Analysis 120
11.6.1 Chevron Corporation, Revenue by Segment 120
11.6.2 Chevron Corporation, Revenue by Geography 121
11.7 Chevron Corporation, Financial and Operational Review 122
11.7.1 Financial Statements 122
11.7.2 Financial Ratios 123
12 Denmark Oil Markets, Financial Deals Landscape 124
12.1 Detailed Deal Summary 124
12.1.1 Acquisition 124
12.1.2 Asset Transactions 125
13 Denmark Oil Markets, Recent Developments 130
13.1 License Rounds 130
13.1.1 Jul 11, 2008: Minister Of Fishery And Natural Resources Launches Third Faroese Licensing Round 130
13.2 License Awards 130
13.2.1 Oct 09, 2008: Maersk Oil Files Application For Valdemar Field Development 130
13.2.2 May 26, 2008: PA Resources Receives Shares In An Exploration License, Offshore Western Greenland 131
13.2.3 Apr 10, 2008: Dong Receives Drilling Permit From NPD 132
13.2.4 Feb 12, 2008: Maersk Oil Wins New Exploration Licenses In Norway 132
13.2.5 Feb 08, 2008: Norway Declares Licensing Awards For APA 2007 132
13.3 Strategy and Business Expansion 133
13.3.1 Feb 21, 2008: Maersk Oil Plans Further Development At Al Shaheen Field, Offshore Qatar 133
13.4 Recent Discoveries 134
13.4.1 Aug 08, 2008: Noreco Discovers Oil In South Tor Pod Well, Denmark 134
13.4.2 Jun 30, 2008: Norwegian Updates On Ipswich Well, 1/3 - 11 135
13.4.3 Jun 30, 2008: Noreco Encounters Hydrocarbons At Ipswich 1/3 - 11 Well 135
13.5 Drilling and Production Updates 135
13.5.1 Jan 27, 2009: DONG Concludes Drilling Siri-6 Well In Danish North Sea 135
13.5.2 Dec 10, 2008: Noreco Commences Drilling Gita-1X Well On Gita Prospect In Denmark 136
13.5.3 Nov 26, 2008: DEA Provides Oil And Gas Production Update 136
13.5.4 Oct 23, 2008: Faroe Updates On Norwegian Marsvin Exploration Well In PL289 In North Sea 137
13.5.5 Oct 09, 2008: Noreco Resumes Production From Siri Field In Denmark 138
13.6 Financial Announcements 138
13.6.1 Nov 12, 2008: A.P. Moller Reports Nine Months 2008 Results 138
13.6.2 Nov 12, 2008: DONG Reports 3Q 2008 Results 142
13.6.3 Aug 15, 2008: DONG Reports 2Q 2008 Results 146
13.6.4 May 15, 2008: DONG Declares Q1 2008 Results 150
13.6.5 Mar 11, 2008: DONG Reports 2007 Results 154
13.7 Other Significant Developments 154
13.7.1 Jan 09, 2009: DONG Vice President To Leave 154
13.7.2 Jul 25, 2008: A.P. Moller Appoints Head Of Group Finance 155
13.7.3 Jun 25, 2008: Denmark Reduces 2008-2010 Oil Production Estimates 155
13.7.4 Jun 25, 2008: Noreco Provides Operations Update 156
13.7.5 Jun 25, 2008: DEA Provides Revenue From Oil And Gas Activities In 2007 156
13.7.6 Jun 09, 2008: Maersk Oil To Invest $1.1 Billion To Enhance Halfdan Field 158
13.7.7 May 26, 2008: Noreco Develops Nini East Field 158
13.7.8 May 16, 2008: Atlantic Appoints Technical Manager 159
13.7.9 Mar 10, 2008: PGNiG To Invest PLN16 Billion By 2020, Mostly In Upstream Sector 159
14 Appendix 161
14.1 Methodology 161
14.1.1 Coverage 161
14.1.2 Secondary Research 162
14.1.3 Primary Research 162
14.1.4 E&P Forecasts 163
14.1.5 Midstream Forecasts 164
14.1.6 Expert Panel Validation 165
14.2 Contact Us 165
14.3 About Us 165
14.4 Disclaimer 165

Executive Summary

1.1 List of Tables
Table 1: Denmark, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 14
Table 2: Denmark, Historical and Forecasted Import and Export of Crude Oil, 1996-2020 16
Table 3: Denmark, Historical Reserves of Crude Oil, 1996-2008 18
Table 4: Denmark, Crude Oil and Natural Gas, Royalty Rate For License Granted Before January 1, 2004 23
Table 5: Western Europe, Investment Benchmarking, Overall Country Rankings, 2008 27
Table 6: Western Europe, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 28
Table 7: Western Europe, Investment Benchmarking, Oil Sector Performance, 2008 30
Table 8: Western Europe, Investment Benchmarking, Economic Performance, 2008 35
Table 9: Western Europe, Country Standings, Economic Performance, 2008 35
Table 10: Western Europe, Investment Benchmarking, Socio-Political Performance, 2008 37
Table 11: Western Europe, Country Standings, Socio-Political Performance, 2008 38
Table 12: Denmark, Crude Oil Key Statistics, 2008 40
Table 13: Denmark, Total Gross Crude Oil Production (MMBBLs), 2001-2008 41
Table 14: Denmark, Gross Crude Oil Production (MMBBLs),by Assets,2001-2008 42
Table 15: Denmark, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 43
Table 16: Denmark, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 45
Table 17: Denmark, Crude Oil Gross Production (MMBBLs), Forecast by Assets, 2009-2014 47
Table 18: Denmark, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 47
Table 19: Denmark, Projected Assets-wise Total Government Take(000$), 2009-2014 48
Table 20: Denmark, Projected Assets-wise Total Contractor Take(000$), 2009-2014 48
Table 21: Denmark, Oil Field Asset Details 49
Table 22: Denmark, Pipeline Key Statistics, 2008 50
Table 23: Demark, Crude Oil Pipeline Length by Company (Km), 2008 51
Table 24: Denmark, Crude Oil Pipelines, 2008 51
Table 25: Denmark, Refinery Key Statistics, 2008 52
Table 26: Denmark, Total Refining Capacity (MMTPA), 2000- 2013 52
Table 27: Denmark, Refining Capacity Company-wise (MMTPA), 2000-2013 53
Table 28: Denmark, Crude Distillation Unit Capacity (MMTPA), 2000-2013 56
Table 29: Denmark, Oil Storage Key Statistics, 2008 57
Table 30: Denmark, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 57
Table 31: Denmark, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 58
Table 32: Denmark, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 60
Table 33: Royal Dutch Shell plc, Key Facts 61
Table 34: Royal Dutch Shell plc, SWOT Analysis 76
Table 35: Royal Dutch Shell plc, Revenue by Segment, USD Million, 2003-2007 81
Table 36: Royal Dutch Shell plc, Revenue by Geography, USD Million, 2003-2007 82
Table 37: Royal Dutch Shell plc, Financial Statements, USD Million, 2003-2007 82
Table 38: Royal Dutch Shell plc, Financial Ratios, USD Million, 2003-2007 83
Table 39: A.P. Moller - Maersk A/S, Key Facts 84
Table 40: A.P. Moller - Maersk A/S, SWOT Analysis 94
Table 41: A.P. Moller - Maersk A/S, Revenue by Segment, DKK Million, 2003-2007 99
Table 42: A.P. Moller - Maersk A/S, Revenue by Geography, DKK Million, 2003-2007 100
Table 43: A.P. Moller - Maersk A/S, Financial Statements, DKK Million, 2003-2007 100
Table 44: A.P. Moller - Maersk A/S, Financial Ratios, DKK Million, 2003-2007 101
Table 45: A.P. Moller - Maersk A/S Operational Indicators, 2003-2007 102
Table 46: Chevron Corporation, Key Facts 103
Table 47: Chevron Corporation, SWOT Analysis 115
Table 48: Chevron Corporation, Revenue by Segment, USD Million, 2003-2007 120
Table 49: Chevron Corporation, Revenue by Geography, USD Million, 2003-2007 121
Table 50: Chevron Corporation, Financial Statements, USD Million, 2003-2007 122
Table 51: Chevron Corporation, Financial Ratios, USD Million, 2003-2007 123
Table 52: Noreco Acquires Talisman Oil Denmark 124
Table 53: Capricorn Energy Acquires 92% Interest In The Cape Farewell 1 And 2 Blocks Offshore Southern Greenland 125
Table 54: PA Resources To Acquire Two Danish Licenses From Shell 126
Table 55: Dong Energy Acquires Additional Intersts In Hejre And Hejre Extension Licenses From Bayerngas Norge 127
Table 56: Talisman Energy To Sell Its Assets In Netherlands, Denmark And Trinidad 128
Table 57: Altinex Oil Denmark Acquires 12% Interest In Two Licenses 9/06 (Gita) And 9/95 (Maja) From Chevron 129

Royal Dutch Shell Plc
A.P. Moller - Maersk AS
Chevron Corporation

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