Denmark’s largest oil and gas producer Total has welcomed the “clarity” of the nation’s decision to cancel its latest and future licensing rounds and to halt oil and gas production by 2050.

Lawmakers in Denmark — the European Union's largest oil producer after the UK exited the bloc — reached a broad political agreement last week to cancel a planned eighth licensing round and any future tenders, while also making 2050 the last year it will extract fossil fuels from the North Sea.