Denmark’s Biggest Company Sells Off the Country’s Last Oil Company for $7.45 Billion

Denmark is making a major commitment to renewables, but money from oil will still foot the bill.

9. 5. 17 by Brad Jones
Image by Pixabay

Oil is Out

Transport and logistics conglomerate A.P. Moller-Maersk has sold off Denmark’s last oil firm. Total — the French multinational considered to be one of the world’s seven “supermajor” oil companies — will pay $7.45 billion, in a deal expected to close next year.

Click to View Full Infographic

Just three months ago, Dong Energy sold off its oil and gas interests to chemicals group INEOS for $1.3 billion. Dong is Denmark’s largest energy company, and is currently leading the charge to implement offshore wind farms across Europe and in the United States.

Danish companies are getting out of the market for fossil fuels, but the likes of Total and INEOS will still be harvesting these resources from the country’s North Sea. The revenue produced by this region is essential for its ongoing transition to renewable forms of energy.

Every year, profits from North Sea oil finances roughly 1 gigawatt worth of new infrastructure underpinning offshore wind farms. This helps supply electricity to about 170,000 homes.


Winds of Change

Wind power has become increasingly viable in recent years, and countries with expansive coastal areas are investing heavily in offshore farms. This practice is proving to be particularly popular among Scandinavian countries.

Denmark in particular is going all-in on wind power. The country set a world record by sourcing almost half of the electricity it used throughout 2015 from wind turbines, and in March 2017, it managed to rely solely on wind energy for an entire day.

However, things are also changing in the United States. In March, the Southwest Power Pool produced more than half of its energy from wind for a short time — a record that was promptly broken in May by the California Independent System Operator.

Care about supporting clean energy adoption? Find out how much money (and planet!) you could save by switching to solar power at By signing up through this link, may receive a small commission.


Share This Article

Keep up.
Subscribe to our daily newsletter to keep in touch with the subjects shaping our future.
I understand and agree that registration on or use of this site constitutes agreement to its User Agreement and Privacy Policy


Copyright ©, Camden Media Inc All Rights Reserved. See our User Agreement, Privacy Policy and Data Use Policy. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Futurism. Fonts by Typekit and Monotype.