NAM

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. 

An earthquake was felt in Groningen on Thursday afternoon. According to meteorological institute KNMI, the quake had a magnitude of 2.0 and it's epicenter was near Loppersum at a depth of 3 kilometers. 

The quake happened around 4:30 p.m., according to broadcaster NOS. Dozens of people from Loppersum, Zeerijp and Garrelsweer reported feeling it. The KNMI called it an 'induced' earthquake, which means that it was caused by gas extraction.

Gas extraction in Groningen must be halved to a maximum of 12 billion cubic meters a year in order to stop fracking earthquakes and guarantee safety in the province, the state supervisor on mines SoDM said in a recommendation to Minister Eric Wiebes of Economic Affairs and Climate on Thursday. The Loppersum clusters must close immediately, the SoDM said, RTL Nieuws reports.

Dutch oil and gas giant NAM must immediately compensate homeowners in the fracking earthquake zone in Groningen for the depreciation of their home, the court in Leeuwarden ruled on Tuesday. The company only wanted to pay compensation at the sale of the house, arguing that the level of depreciation is only then clear. But the court ruled that it is possible to estimate the value decline of a home without it being sold, NOS reports.

​The Dutch Minister of Economic Affairs and Climate Policy Eric Wiebes announced that he intends to accelerate the process of decreasing the gas production in Groningen. The minister made the declaration shortly after a relatively strong earthquake, caused by removing natural gas from the ground in the region, shook the province Monday afternoon, according to FD.

Dutch oil and gas giant NAM warns that gas extraction in Hardenberg and its surrounds can cause subsidence, earthquakes and damages to buildings, De Stentor reports.

The NAM wants to keep extracting gas in the Hardenberg area for thirteen years longer than planned. The chances that these practices will cause ground vibrations are real, according to the company. In worst cases it could cause cracks in the nearby buildings.

Dutch oil and gas giant NAM is appealing to the Council of State against Minister Henk Kamp's decision to further reduce gas extraction in earthquake plagued Groningen. According to NAM, the Economic Affairs Minister ignored the already established safety standard for gas extraction in the province when making his decision, NU.nl reports. 

The Public Prosecutor must investigate whether NAM was guilty of damaging housing, possibly creating life threatening situations, in the gas extraction area in Groningen, the Arnhem-Leeuwarden court ruled on Thursday, NOS reports.

The case was filed by the Groninger Bodem Beweging (GBB) an a number of individuals from the gas extraction area. The Groningen residents say they are dealing with, in some cases severe, damage to their homes caused by earthquakes that resulted from years of gas extraction. 

Groningen residents are not only voting in the parliamentary elections today, they are also given the opportunity to sign a petition against gas drilling in the province. During the night, groups of volunteers hung posters at nearly all 406 polling stations in Groningen, calling on voters to sign a petition by Freek de Jonge, RTV Noord reports. 

Dutch petroleum company NAM singed up with the Transition Coalition - a coalition of about 50 companies working to accelerate the Netherlands' transition to renewable energy sources, NAM director Gerald Schotman announced in his New Year speech, ANP reports.

"As far as I am concerned, the transition can, if not must, be more ambitious", Schotman said.

A massive 90 percent of the money available for settling earthquake damage in Groningen is spent on inspections, experts and reports. Only 10 percent goes to actually repairing the damage caused by fracking earthquakes, the Volkskrant reported on Friday based on the latest quarterly report by Hans Alders, the National Coordinator for Groningen.