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BRIEF-Maersk reaches agreement with Denmark on North Sea oil and gas tax
March 22, 2017 / 5:12 PM / 6 months ago

BRIEF-Maersk reaches agreement with Denmark on North Sea oil and gas tax

March 22 (Reuters) -

* Denmark’s finance ministry says it has reached a fully financed deal with a majority in parliament to invest a double-digit billion Danish crowns figure in oil and gas extraction in the North Sea

* The ministry said taxes on oil and gas will be lowered between 2017-2025

* The ministry said it had also reached an agreement with Danish Underground Consortium (DUC) to fully rebuild Tyra gas field in the North Sea

* DUC consists of Danish shipping and oil conglomerate A.P. Moller-Maersk, Shell, Chevron and state-owned Nordsofonden.

* Maersk Oil, a unit in the Maersk Group, said the agreement provides the terms that enable the DUC partners to progress a full redevelopment plan for the Tyra facilties towards a decision to invest in the project by the end of 2017

* Maersk Oil said it issued a further REMIT notice to the gas markets on behalf of all DUC partners outlining that, pending a final investment decision, production from Tyra is now expected to shut in December 2019 and restart in March 2022. Further company coverage: (Copenhagen newsroom)

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