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Dutch government says sorry for quakes caused by Groningen gas field

  • Screen Shot 2015-03-02 at 19.27.29Mar 2 2015, 15:19 ET | By: Carl Surran, Seeking Alpha News Editor

  • The Dutch government apologizes for ignoring risks posed by earthquakes caused by production of natural gas from the Groningen field, following a report last month by the country’s safety board that found the government, together with Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM), had put profits before safety in exploiting the field.
  • The economic minister has ordered production at Groningen to be cut by 16% for H1 2015, with another decision on production at the field expected on July 1.
  • The Groningen field accounts for two-thirds of Dutch gas production, and the Netherlands supplies ~15% of Europe’s total natural gas, providing an important alternative for Russian gas.

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