The field development is estimated to cost DKK 12.1bn ($2.2bn), of which DONG Energy’s share is DKK7.3bn ($1.3bn).
DONG Energy is the operator of the project with a 60% stake while Bayerngas owns the remaining stake in the Hejre field project.
DONG Energy estimated the total reserves of the Hejre field at about 170 million barrels of oil equivalent, of which its share is 100 million barrels.
The first oil and gas from the project is expected from late 2015.
DONG Energy, in addition will also invest DKK2bn ($361m) in the development of the oil terminal in Fredericia in Denmark.
The terminal will be processing the oil from the Hejre field amongst other fields, bringing the total investment from the company at DKK 9.2bn ($1.7bn).
The project entails a production platform, drilling of production well sand and new pipelines that will be connected to existing North Sea pipelines to transport the oil and gas from Hejre to Denmark.
