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Fiscal Comparison/Exploration Attractiveness
5.1.4 Denmark - cost analysis
When comparing expected development and operating costs for different field sizes within the Danish offshore sector, a
typical cost shift is seen between small, medium and large size fields. The following chart shows the development and
operating costs for a 5mmboe, 50mmboe and 225mmboe field, these field sizes represent Wood Mackenzie’s expected
yet-to-find discovery sizes for the Danish sector.
As can be expected, larger field sizes result in generally lower development costs on a US$/boe basis. Operating costs
tend to remain relatively flat due to required unit tariff payments by small fields, which is often based on a share of
operating costs at a receiving facility, and negotiated pipeline throughput tariffs.
Denmark expected development and operating costs by field size in mmboe (reserves shown next to bubble)
Operating costs (US$/boe)
6
4
2
0
0 2 4 6 8 10 12 14 16
Source Wood M ackenzie
225
Development costs (US$/boe)
5.1.5 Denmark - value creation through exploration
Denmark is the only country of four discussed in this report where, in aggregate, value has been destroyed, rather than
created, as a result of exploration drilling. The main reasons for this are the low activity level, and the relatively low
commercial success rate. The only commercial discovery made in the last 10 years was Rau, in 2007. A number of
technical discoveries have been made as well, but Wood Mackenzie do not currently view these as being economically
viable.
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