Europe has a large landmass with enough unused capacity to replenish the natural gas it currently is leak due to the crisis caused by Wladimir Putinwar in Ukraine but can’t because his hands are tied.
What happened: The overflow Groningen field, below the Dutch swamps dotted with windmills, is Europe’s largest natural gas deposit. It contains enough fuel to replace what Germany once imported from Russia. reported Bloomberg.
However, instead of supporting Europe through perhaps its most brutal winter, the field is about to shut down over concussions. The report noted that drilling has caused many earthquakes in the area and if Dutch officials decide to go ahead with it, they are vulnerable to backlash from local residents for breaking promises.
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The Groningen field has been the mainstay of Europe’s gas supply since the 1960s. And even half a century later, there is still about 450 billion cubic meters of recoverable gas in reserve — worth about $1 trillion, the report said.
Corresponding Shell Plc RYDAFone of the two major partners involved in operating the field, there is more capacity to pump around 50 billion cubic meters per year than is currently flowing.
Dutch mining minister Hans Vijlbrief noted that it would be dangerous to continue producing, but neither can the suffering elsewhere in Europe be ignored. A shortage of gas “could force us to make that decision,” he said, adding that there could be a safety issue if hospitals, schools and homes cannot be adequately heated.
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