financetom
Business
financetom
/
Business
/
Dutch Senate delays Groningen gas field shutdown
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Dutch Senate delays Groningen gas field shutdown
Apr 3, 2024 4:28 AM

AMSTERDAM, April 3 (Reuters) - The Dutch Senate has

postponed a vote on a law to close permanently the Groningen gas

field, angering the government that has said production would

never resume because of the risk of earthquakes.

Normal gas production at Groningen in the north of the

Netherlands ended last October after years of output cuts to

limit seismic activity, linked to decades of extraction, that

has damaged thousands of buildings.

The gas field, once one of Europe's main suppliers, was

available for limited production during a cold snap in recent

months, but the government has proposed a law that would close

the field entirely by Oct. 1.

Although backed by the Lower House of parliament last month,

several Senate factions on Tuesday said they needed more

guarantees that the law would not jeopardise the security of the

country's gas supply.

"This could delay the final decision by a year and a half,

which makes me angry," Hans Vijlbrief, mining state secretary,

told a parliamentary hearing on Wednesday.

Vijlbrief said he would resign unless the Senate changed its

mind quickly.

"Security of supply would only possibly be at risk in case

of two very cold winters in a row, a chance that is estimated at

1 in 80,000," Vijlbrief said. "I trust there is a

misunderstanding and that we will see a final Senate decision

soon."

Among those asking to postpone the vote were three of the

four parties that are trying to form a government, including the

nationalist PVV party that won the November 2023 election and

the centre right VVD of outgoing Prime Minister Mark Rutte.

Without the law, gas production could theoretically resume.

Lower House lawmakers on Wednesday said they feared a

considerable delay and ongoing uncertainty for people living in

the region.

Rutte's caretaker government, in charge until a new

government is formed, has repeatedly said it will not resume gas

production at Groningen under any circumstance.

VVD lawmaker Silvio Erkens on Wednesday also said the

decision to end gas production would not be reconsidered.

"But the Senate has the right to ask for more information,"

he added.

Shell and ExxonMobil ( XOM ), whose NAM joint

venture operates the field, have asked an arbitration court to

decide whether the Dutch state should compensate them for the

ending of gas production at Groningen, which still contains huge

reserves.

Gas profits have delivered an estimated 363 billion euros

($391.13 billion) to the Dutch treasury since production started

in the 1960s, while Shell and Exxon's profit from Groningen was

around 66 billion euros during that period.

($1 = 0.9281 euros)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TC Energy Edges Up After Hours as it Prices US$1.75 Billion Cash Tender Offers
TC Energy Edges Up After Hours as it Prices US$1.75 Billion Cash Tender Offers
Oct 10, 2024
04:29 PM EDT, 10/08/2024 (MT Newswires) -- TC Energy ( TRP ) edged up in after-hours New York trading after the company on Tuesday said its TransCanada PipeLines unit priced its separate offers to buy up to US$1.75 billion in outstanding notes. These include 2.500% senior notes due 2031, 5.000% senior notes due 2043, 4.875% senior notes due 2048, 5.100%...
BRIEF-Kkr Income Opportunities Fund To Acquire Assets Of Insight Select Income Fund
BRIEF-Kkr Income Opportunities Fund To Acquire Assets Of Insight Select Income Fund
Oct 10, 2024
Oct 8 (Reuters) - KKR Income Opportunities Fund ( KIO ): * KKR INCOME OPPORTUNITIES FUND TO ACQUIRE ASSETS OF INSIGHT SELECT INCOME FUND * KKR INCOME OPPORTUNITIES FUND ( KIO ) - SHAREHOLDERS OF INSI WILL RECEIVE SHARES OF KIO AND MAY ELECT TO RECEIVE UP TO 5% OF CONSIDERATION IN CASH * KKR INCOME OPPORTUNITIES FUND ( KIO...
Terreno Realty Occupancy Nudges Higher During Q3 Over Mid-Year Levels
Terreno Realty Occupancy Nudges Higher During Q3 Over Mid-Year Levels
Oct 10, 2024
04:28 PM EDT, 10/08/2024 (MT Newswires) -- Terreno Realty ( TRNO ) late Tuesday reported its operating portfolio was 97.0% leased on Sept. 30, improving on 96% occupancy at the end of its Q2 on June 30. However, the leased operating portfolio was down from 98.3% at Sept. 30, 2023 Its same-store portfolio was 97.3% leased at the end of...
TC Energy Unit Prices Tender Offers for Up to $1.75 Billion Senior Notes
TC Energy Unit Prices Tender Offers for Up to $1.75 Billion Senior Notes
Oct 10, 2024
04:29 PM EDT, 10/08/2024 (MT Newswires) -- TC Energy ( TRP ) said Tuesday its TransCanada PipeLines unit has priced its cash tender offers to purchase up to $1.75 billion of seven senior notes, including 2.5% notes due 2031, 5% notes due 2043 and 4.875% senior notes due 2048. The offers will expire Oct. 8, the company said. Price: 44.94,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved