Statistical presentation

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National Accounts division, Department of Economic Statistics
Sara Svantesson
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The physical asset account and the monetary asset account for oil and gas in the North Sea is an annual statistics showing the reserves of oil and natural gas in the North Sea, which may be recovered under the given economic conditions and with known technology measured in cubic meters (m3). Both statistics show the reserves of oil and natural gas at the beginning of the year and the changes in the reserves during the year.

Data description

The natural resource account shows the opening stock of the oil and natural gas reserves at the beginning of the year, which corresponds to the end of the previous year. In addition, the physical accounts show changes within the year in the form of extraction, own use and new discoveries and other economic appearance or disappearance.

For gas, the extraction is gross. A portion of the extracted natural gas is pumped back into the reservoir due to technical reasons. Subtracting this so-called re-injection gives the net production. Some of the gas is flared and some go to own use, while the remainder is sold. In the case of oil, the gross extraction during the year is equals the net production equivalent to sales of oil. The post new discoveries and other economic appearance / disappearance reflects changes in reserve as a result of changing economic and / or technical developments.

The reserves are those quantities of oil and natural gas that can be extracted under the given economic conditions and with known technology. The reserves are divided into the categories: Current, decided, planned and possible recovery. Ongoing extraction includes the reserves that can be recovered using existing production facilities and wells. Approved extraction include reserves where there is an approved development plan. Planned extraction projects which are described in the development plan, which is being handled by the authorities. Possible extraction includes projects where it's expected to be able to use known technology. The Energy Agency changes the estimated size of reserves as of the reserves that can be extracted when new discoveries are made. Moreover, development of new extraction technology as well as changed economic conditions lead to revisions of estimates. The reserves are not a static physical quantity.

The value of oil and gas is added together in the monetary asset account and shows the opening stock, extraction, new discoveries and other economic appearance or disappearance, revaluation as well as the closing stock.

Classification system

The structure of natural resource asset account follows the recommendations of asset accounts outlined in the "System of Environmental-Economic Accounting, Central Framework", Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, World Bank (2012). New York.

Sector coverage

The extraction activity described in the natural resource account is performed by the industries 06.10.00 Extraction of crude petroleum and 06.20.00 Extraction of natural gas, cf. the Danish Industrial Classification of all Economic Activities 2007. In the National Accounts, this activity is included in the 060000 Extraction of Crude Oil and Natural Gas.

Statistical concepts and definitions

Closing stock: The stock by the end of the year

Economic appearance / dissaperance: Other economic appearance / disappearance reflects changes in reserve as a result of changing economic and / or technical conditions. Also referred to as other volume changes.

Extraction: The extraction is the production activity taking place in connection with oil and natural gas drawn from the reserves. For natural gas, the extraction is measured both gross and net, taking into account the amount re-injected.

Natural resource asset accounts for oil and gas: Showing reserves of the quantities of oil and natural gas that can be extracted under the given economic conditions and with known technology.

Opening stock: The stock at the beginning of the year

Revaluation: Changes in the value of the reserves due to changes in the oil or natural gas prices, the resource rent or the expectations about the future extraction of oil and gas. This entry is only relevant for the monetary asset account.

Statistical unit

The unit in the national accounts industries are basically the local KAU, the workplace, which is the smallest unit for which a production account can be set up.

Statistical population

Oil and natural gas in the North Sea

Reference area

Denmark.

Time coverage

1990-2022

Base period

Not relevant for this statistics.

Unit of measure

The physical balance for oil reserves is measured in m3.

The physical balance for gas reserves is measured in Nm3.

The monetary balance for the oil and gas reserves is measured in Dkk.

Reference period

Natural resource account for oil and natural gas refers to the calendar year.

Frequency of dissemination

Annual.

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