COPENHAGEN, June 26 (Reuters) - The Danish Energy Agency(DEA) on Thursday cut its outlook for the country's oil and gasproduction over the next five years.
The agency said it expected oil production next year to be9.5 million cubic metres, lowering its of estimate of 9.9million given in June 2013.
For this year, it cut its forecast to 9.9 million cubicmetres from a 10.5 million forecast.
One cubic metre of oil is equivalent to approximately 6.3barrels.
Despite a lower outlook for gas production in its five-yearview, DEA said it had slightly raised its production view forthis year and next.
The Danish production of oil and gas has been decliningsince 2004 and is estimated to continue to do so for the next 25years.
But there is still a substantial interest for finding moreoil and gas in the Danish part of the North Sea, and the agencyexpects private companies to invest a further 48.6 billionDanish crowns in the area by 2018.
Denmark will have enough oil and gas to cover its ownconsumption until 2022 and 2026, respectively, according to theagency. As of January 2014 it estimated Denmark's reserves ofoil at 107 million cubic metres and gas at 37 billion cubicmetres.
The market value of oil and gas production in 2013 was 50.7billion Danish crowns. (By Erik Matzen; editing by Shida Chayesteh and Jason Neely)
