North Sea deal has been settled for Maersk

Danish opposition party Socialdemokratiet (The Social Democrats) has signed off on a proposed deal negotiated between Maersk Group and Denmark's government.

Photo: Maersk Oil

Maersk Group and its partners in the Danish Underground Consortium (DUC) will invest upwards of DKK 30 billion (EUR 4 billion) in a complete renovation and reconstruction of the Tyra field, which treats more than 90 percent of the Danish North Sea gas before it is sent onshore. This is the conclusion after Danish opposition party Socialdemokratiet (The Social Democrats) has agreed to a new taxation deal negotiated between Denmark's government and Maersk Group.

The agreement ensures that DUC can write off its future major investments faster then before and thus push certain tax payments further off into the future. Meanwhile, the hydrocarbon deduction will see a slight increase.

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