Danish company Maersk Oil said it was looking for a viable long-term economic model for its Tyra gas complex in the North Sea otherwise it will shut it down.

Maersk said the facilities installed at the Tyra production areas in the North Sea are at the end of their operational life after more than 30 years in service. Martin Rune Pedersen, managing director for Maersk Oil Denmark, said a search was underway to see if any future remains for the fields.

"As part of this, we will consider the terms under which a rebuild of the facilities could take place," he said in a statement. "The basis for a decision needs to be in place by the end of 2016 to ensure future production from the field."

The company said it was notifying relevant market players of its decision well in advance, according to the regulatory requirements in the European Union. If an "economically viable solution" is not identified this year, Maersk said it would cease production from the Tyra East and Tyra West fields in the Danish waters of the North Sea by Oct. 1, 2018.

A year ago, Maersk started production from the unmanned Tyra Southeast-B platform in Danish waters.

Peak production is expected by 2017 through investments of more than $650 million. At the time, the investment represented the largest ever made by a Danish energy consortium, for which Maersk serves as the operator, since 2007.

In announcing its closure consideration, the company said it spent more than $156 million on reinforcement operations alone at the Tyra East and Tyra West fields over the last 15 years.

Maersk said there are "significant" gas reserves remaining in the Danish waters, noting the two fields serve as a hub from surrounding North Sea operations. Tyra Southwest, the unmanned facility, is part of the consideration, the company said.

Maersk Oil said last week it would manage its assets in the U.S. waters of the Gulf of Mexico from its offices in Copenhagen after announcing a decision to close its offices in Houston.