Dutch natural gas reserves will be exhausted in 9 years

If the Netherlands keeps extracting natural gas at the rate it did in 2022, the total reserves of extractable gas in Dutch soil will be exhausted in less than nine years, Statistics Netherlands (CBS) reported on Thursday. Last year, the Netherlands extracted 16.1 billion cubic meters of gas from its gas fields.

The size of the Dutch natural gas reserves decreased further in 2022 due to extraction and reduced extractability of the Groningen field. At the end of 2022, there were still 142 billion cubic meters of extractable gas in the Dutch soil.

The Groningen field, which will stop producing in October and close completely a year later, made up only a small part of the total reserves with 2 billion cubic meters of natural gas, CBS said. The remaining reserves are in smaller gas fields on land and under the North Sea.

While the size of the Dutch natural gas reserves decreased, sharply rising gas prices last year significantly increased the reserves’ value. In 2022, the Dutch natural gas reserves were worth 71 billion euros. “In 2021, the reserves were worth 4.5 times less at 15.5 billion euros,” CBS said. “However, natural gas prices have fallen in the course of 2023, which means that the value of natural gas reserves has most likely decreased again.”

The Netherlands also has gas in storage facilities, which can be quickly used to maintain the security of supply to Dutch consumers and companies. The storage facilities in Norg, Grijpskerk, and Bergemeer and the above-ground storage facilities for liquefied natural gas (LNG) in Rotterdam and Eemshaven have a total capacity of 14.6 billion normal cubic meters. Due to lower gas consumption and a mild 2022/23 winter, these storage facilities are nearly 90 percent full. “In 2021, this was less than half around the same time,” CBS said.