November 23, 2024

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A sharp rise in natural gas prices after news of the closure of the Groningen field

A sharp rise in natural gas prices after news of the closure of the Groningen field

Next week the Dutch government may decide to permanently shut down the Groningen natural gas field, the largest in all of Europe, on October 1, 2023. Natural gas price in Europe by more than 20 percent after the news broke.

Why is this important?

Until the war broke out in Ukraine last year, Europe imported nearly half of its natural gas from Russia. But since then, the gas tap has been largely shut off. The European Union must now look for other sources of natural gas in order to become energy independent of Russia. The European Union also looked to the Netherlands for this, where Europe’s largest natural gas field is located. But the damage from natural gas extraction in Groningen is significant. For this reason, the government wants to close the field permanently.

The fence outside the dam: The news agency first reported the news bloombergAnd It has since been confirmed by sources familiar with the matter RTL News.

  • The gas field has long been a thorn in the side of the Dutch government. Hundreds of earthquakes have been recorded in the region in recent decades due to gas extraction. Many homes were damaged as a result. Dutch government rate rose to Tens of billions.
  • However, the gas field was able to
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