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SUPPLY
Production of both oil and gas in Denmark, all of which
is located in the North Sea, peaked in 2004 and 2006 respectively.
Steady decline is forecast with new field developments unable to offset
depletion in older fields.
There is no onshore production in Denmark.
DEMAND
Oil consumption in Denmark, after declining from 1996 to
2004 as fuel substitution and conservation proceeded, jumped in 2005 but
is now likely to remain flat or decline slightly over the next decade,
used only to satisfy transport needs. Gas consumption declined in 2007
but is likely to remain flat over the next decade as new means to
generate electricity re sought.
Denmark became a net oil exporter in 1998 but exports of both oil and
gas will now progressively reduce as the North Sea fields deplete.
Denmark will likely need to begin importing oil by 2015 and gas by 2020.
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