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Danish oil reserves 200 mln cubic meters on January 1

Denmark's known oil reserves amounted to 200 million cubic meters on January 1, down from a year-ago 214 million cubic meters, the Danish Energy Agency said.

The government agency, which regulates domestic energy resources, said in an annual report on Danish oil and gas production the country's gas reserve was up 2 billion cubic meters to 107 billion cubic meters.

The agency raised its forecast for Danish oil production in 2009 to see it at 15.5 million cubic meters. Its previous forecast, made in November, had been for 15.0 million cubic meters.

One cubic meter equals 6.29 barrels.

It said it now saw the country's gas output at 8.5 billion cubic meters, down from the 8.6 billion seen in November.

It said that, based on known reserves, it forecast Denmark would remain self-sufficient on oil until 2018, and on gas until 2020. It said that new discoveries and improved technology would however probably keep Denmark self-sufficient on gas and oil until 2029.

Danish shipping and oil group A.P. Moller-Maersk operates oil and gas exploration in the Danish sector of the North Sea on behalf of the Danish Underground Consortium (DUC) which accounts for 88% of Denmark's oil and gas production.

Maersk owns 39% of DUC while partners Chevron and Royal Dutch Shell owns 15% and 46% respectively. (Reuters)