🔎 The marshland of Groningen has enough fuel to replace Russian energy to western Europe, but the risks of triggering an earthquake have made it too dangerous to fully realise its potential
The Groningen gas field in the Netherlands has enough untapped capacity to replace much of the fuel western Europe once imported from Russia, but drilling has led to repeated earthquakes Koen Schuiling, the mayor of Groningen in the far north of the Netherlands, is explaining howhave reached his 18th-century, neo-classical city hall. “You can feel in this building – and you can see the damage, the cracks,” he sighs. “Everyone feels it in Groningen.
. But some 60 years after the gas was first discovered, the entire region is wobbling from earthquakes and tremors linked to drilling. There are up to 100 tremors annually, at a relatively low magnitude, but they can still cause damage as the epicentre is just under two miles deep, and through soft clay over sand, which amplifies seismic activity.
Some 450 billion cubic metres of recoverable gas are thought to lie in the field, worth around €1trn . In 2013, Groningen pumped out around 54 bcm, about 10 per cent of Europe’s gas needs, but last year it reached just 4.6 bcm.The Dutch treasury has grown from Groningen gas. Of the €428bn earned from the gas field over the past 60 years, the state received €363.7bn. However, less than one per cent of that total flowed back to Groningen, whose community feels sidelined by the government and NAM.
It is unclear when the earthquakes will end, even after the drilling stops, with some suggesting two years and others saying two decades.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Europe's elite circle Brighton as Seagulls battle to keep De Zerbi at the helmBrighton run the risk of seeing yet another crucial asset leave the club, this time manager Roberto De Zerbi, as a number of top European clubs are keen on taking him on board.
Read more »
Europe and Asia stocks fall further after Wall Street sell-off\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil | OilPrice.comAccording to zerohedge On an oil-barrel-equivalent basis, US NatGas is trading at around a $40 discount to WTI Crude (the 'cheapest' since 2013)... 1/10 of Europe's gas price in August 2022
Read more »
Ukraine war: President Biden's words of resolve echo in Europe but worrying developments loomWhile the US president's four-day trip to Poland and Ukraine was wholly successful in the face of Russian aggression, Vladimir Putin shows no indication he is scaling down his Ukraine invasion.
Read more »
IEA warns that Europe’s energy war with Russia is not over\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »