In this opportunity I want to share my personal analysis about Denmark's decision to stop oil exploration activities, taking into account certain factors such as economic and environmental and how this decision can impact on the mentioned areas.
This decision seems to have originated from an initiative of the Danish government to set as a fundamental objective to stop 100% of the production of hydrocarbons to estimates of the year 2050.
When a goal of such magnitude is drawn up, one has to begin with some initial decisions that can help achieve that goal. The European country took the decision to begin by announcing the end of oil and natural gas explorations in the North Sea, this area that Denmark has chosen where it announced the cessation of exploration is between Denmark and Norway and a part of the Atlantic Ocean.
The announcement made by the Danish Minister of Climate to put a definitive end to the era of fossil fuels gives a clear connotation of Denmark as one of the pioneer countries in taking the first steps to contribute to a planet on the way to solving environmental problems and global warming.
Certainly this decision by the Danish government marks a historic moment for both the country and the European continent, since Denmark is the largest producer of oil in the European Union, although it produces much less than Norway or the United Kingdom, and that a country occupying such a position takes this decision may set the precedent for others to take some similar steps.
How is the oil activity in Denmark?
To get an idea of Denmark's oil activity I will name some figures such as the production rate per day that was estimated in the year 2019 of 103,000 barrels of oil per day, which although it is not a rate as significant as that of the big world producers always has an important meaning together with 55 drilling platforms covering 20 oil fields in its territory.
In my personal opinion I do not know if this initiative will really make other countries take a similar initiative, since the world still depends on the energy percentage that hydrocarbons contribute to the world and that in order to address this type of initiative it is necessary that clean and renewable alternative energy become sufficiently economic and highly potential.