Price of North Sea oil
Contact infoPrices and Consumption, Economic Statistics
Martin Ulrik Sdun
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These statistics show an average price for North Sea oil sold, that reflects the characteristics applied to oil production in the Danish part of the North Sea. These statistics are produced and disseminated as part of the Hydrocarbon Tax Act and were first published in 2023 with figures for 2022.
These statistics provide annual figures with the yearly average of the prices of the North Sea oil sold, quoted in US dollars (USD).
Price data for sold North Sea oil is collected annually. Statistics Denmark validates data including checking that there is data for all trading days. Statistics Denmark then uses the published reference price (PCAAS00) as the basis for calculating the average crude oil price during the year. The calculation is made as a simple average of the daily-published reference prices.
The statistics are relevant to SKAT as a basis for hydrocarbon taxation, which is described in more detail in the Hydrocarbon Tax Act.
Accuracy and reliability
The use of the oil price collected from S&P Global Platts, PCAAS00, as well as the calculation of the annual price as a simple average, is specifically mentioned in the comments to the Hydrocarbon Tax Act, the price's precision and representativeness for Danish North Sea oil is affected both by which fields are incorporated into the price for North Sea oil and how Platts makes quality adjustments.
Timeliness and punctuality
The statistics are published one and a half months after the end of the year, i.e. no later than February 15. The statistics are published without delays in relation to planned publication times.
These statistics will be published for the first time in 2023, and the statistics are prospectively comparable to previous years. The representativeness of the collected price data is continuously assessed by Statistics Denmark and an expert group consisting of the Nordsøfonden and the Energy Agency.
Accessibility and clarity
The statistics are published annually in the statistics bank under environment and energy