COPENHAGEN, June 26 (Reuters) - The Danish Energy Agency (DEA) on Thursday cut its outlook for the country’s oil and gas production over the next five years.
The agency said it expected oil production next year to be 9.5 million cubic metres, lowering its of estimate of 9.9 million given in June 2013.
For this year, it cut its forecast to 9.9 million cubic metres from a 10.5 million forecast.
One cubic metre of oil is equivalent to approximately 6.3 barrels.
Despite a lower outlook for gas production in its five-year view, DEA said it had slightly raised its production view for this year and next.
The Danish production of oil and gas has been declining since 2004 and is estimated to continue to do so for the next 25 years.
But there is still a substantial interest for finding more oil and gas in the Danish part of the North Sea, and the agency expects private companies to invest a further 48.6 billion Danish crowns in the area by 2018.
Denmark will have enough oil and gas to cover its own consumption until 2022 and 2026, respectively, according to the agency. As of January 2014 it estimated Denmark’s reserves of oil at 107 million cubic metres and gas at 37 billion cubic metres.
The market value of oil and gas production in 2013 was 50.7 billion Danish crowns. (By Erik Matzen; editing by Shida Chayesteh and Jason Neely)