Delayed Tyra field startup lowers oil and gas output

Denmark’s Energy Agency expects a decrease in oil and gas production in 2024 compared to initial 2023 expectations. Oil production is now projected to be 4.2 million cubic meters, a 20% reduction, and gas production forecasts have dropped by 55% to 1.2 billion normal cubic meters. This decline is attributed to a later-than-expected start of the Tyra field in the North Sea. Tyra, decommissioned in 2019 due to structural concerns, recently faced technical issues after its revamp, delaying full operation commencement. TotalEnergies, field operator, anticipates full production capacity in Q4. The Energy Agency has slightly increased gas production estimates up to 2028 by 3% and predicts oil and gas production peaks in 2030 and 2025, respectively, before gradual declines.