Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
Shell Logo
- Credit: Shell Logo / Credit: Shell
Business
Shell
NAM
Groningen
gas extraction
Thursday, 26 April 2018 - 12:20
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

Shell writes off NAM shares over Groningen gas extraction reduction

In its bookkeeping, Shell is reducing the value of its interest in NAM to zero in response to the Dutch government deciding to completely stop gas extraction in Groningen in the coming years, RTL Nieuws reports.

Dutch petroleum company NAM is responsible for gas extraction in Groningen. NAM is owned half by Shell and half by ExxonMobil. Depreciating its shares in NAM is costing Shell 244 million dollars, according to RTL.

The Dutch government concluded that safety in Groningen can only be guaranteed if the cause of the gas extraction earthquakes in the province is completely removed. The government therefore plans to reduce gas extraction in the province to 12 billion cubic meters by 2022 at the latest. From October 2022 gas extraction will be reduced to 7.5 billion cubic meters "and possibly considerably less". And after that it will gradually be reduced to zero.

According to RTL Nieuws, Shell made a profit of 5.4 billion dollars in the first quarter of this year, based on estimated inventory costs and excluding exceptional items. That is an increase of 41 percent compared to the first three months of 2017.

Follow us:

Latest stories

  • Feyenoord knocked out of the Champions League after loss to Atletico Madrid
  • Tomorrow Film Festival launches, showcasing inspiring films about climate change
  • Vandals spray painted Swastikas on the gay rights monument in The Hague
  • Sculpture garden to return to Amsterdam’s Stedelijk Museum
  • Dutch king awards the 2023 Erasmus Prize to comedian Trevor Noah
  • Amsterdam's 'Stay Away' campaign for British party tourists lacks impact, says mayor

Top stories

  • Criminals infiltrate Dutch municipalities dozens of times per year: report
  • Most Netherlands residents worried about climate change, against fossil subsidies
  • Pics: First snowfall turns parts of Netherlands white; Code yellow warning for icy roads
  • Geert Wilders wants former left-wing minister to lead Cabinet formation talks
  • Cabinet formation leader resigns over fraud allegations hours before first talks
  • Prices still high because supermarkets can't buy stocks from other EU countries

© 2012-2023, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content