Dutch natural gas income at lowest level since 1975

Last year the Dutch government made 2.4 billion euros from natural gas extraction - almost 3 billion euros less than in 2015 and the lowest level since 1975, according to figures released by Statistics Netherlands on Wednesday.

The decrease can partly be attributed to decreased gas extraction due to the risk of earthquakes, according to the statistics office. Lower gas prices also played a role - last year the producer prices were halved compared to 2013.

In 2013 the natural gas extraction income was 15.4 billion euros and accounted for 5 percent of the total government revenue. Last year natural gas income accounted for only 0.8 percent of the total government revenue, the lowest share since 1968. In 2013 a total of 85 billion cubic meters of gas was extracted across the Netherlands. Last year that was down to 48.5 billion cubic meters.

Recently the Dutch state supervision of mines SODM advised Minister Henk Kamp of Economic Affairs to gradually reduce gas extraction in Groningen. Currently gas extraction in the province is capped at 24 billion cubic meters per year. SODM advised that it be reduced to 21.6 billion cubic meters a year. Kamp took the advise and will lower the cap from October 1st.