According to the 2008 BP Statistical Energy Survey, Denmark had proved oil reserves of 1.113 billion barrels at the end of 2007 or 0.08 % of the world's reserves. Denmark produced an average of 312 thousand barrels of crude oil per day in 2007, 0.38% of the world total and a change of -8.7 % compared to 2006. According to the 2008 BP Statistical Energy Survey, Denmark had 2007 proved natural gas reserves of 0.11 trillion cubic metres, 0.06% of the world total. Denmark had 2007 natural gas production of 9.22 billion cubic metres, 0.31% of the world total. Denmark had 2007 natural gas consumption of 4.55 billion cubic metres, 0.15% of the world total. Denmark consumed an average of 197.36 thousand barrels a day of oil in 2007, 0.23% of the world total and a change from 2006 of 0.6 tbpd.
It is the responsibility of the Danish Energy Authority to lay down guidelines for the best possible production and distribution of energy, having consideration for such issues as security of supply, cost-efficiency and international commitments. By means of feasibility studies, cross-cutting analyses are performed in order to discover the way in which a given objective can be fulfilled in the most flexible and cost-efficient manner.
Since the first oil crisis in 1973, energy policy has occupied a relatively significant position in the political debate in Denmark. The Danish Energy Authority was established in 1976, primarily as a reaction to the problem of security of supply, but gradually the focus also was brought to bear on domestic energy production (North Sea oil and gas, renewable energy etc.), on energy supply and distribution (the natural gas grid, CHP etc.), and on energy savings (insulation, labelling schemes etc.). In addition, international sustainability targets - not least reduction of CO2 emissions - and economic considerations have had a significant role to play in recent years, during which the Danish Energy Authority has administered, for example, subsidies for energy savings and green energy taxes, liberalization of the electricity and gas markets, and the introduction of CO2 quotas.
On 29 March 2004 the Danish government successfully completed two very important agreements between a broad majority of the Danish Parliament (Folketinget). The first agreement concerns securing a reliable energy infrastructure for the future. The second agreement establishes the framework for expanding the number of wind farms and for a better functioning electricity market.
