Denmark to abandon future exploration and licensing round

According to Energy Minister Dan Jorgensen, Denmark is ready to stop offering new licenses in the North Sea and phase out production altogether in 2050 as it takes an historic step toward a fossilfuel free future. The government reached an agreement for which a planned 8th licensing round will be abandoned, as will all future exploration. About 150 million barrels of oil and equivalents will remain beneath the ocean’s surface. Jorgensen said in a statement: “We hope this can inspire others. We’re the first country with a meaningful production to take such a step.”’