Shell and Exxon’s €5bn problem: gas drilling that sets off earthquakes and wrecks homes
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Groningen has been one of Europe’s richest gas fields for 30 years, and thousands of people say their homes have been damaged by the tremors that drilling sets off. Now a class action may finally bring them compensation – and force a rethink of European energy security
Highlights from an article by Lucas Amin Published Saturday, 10 October 2015
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A life-threatening earthquake reaching magnitude 4 or 5 on the Richter scale is possible and could strike at any moment.
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The scandal has already cost Shell and Exxon Mobil €1.2bn and the bill for repairing properties and safeguarding against future damage could cost a further €30bn.
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Before Shell and Exxon’s joint venture company NAM started operations, Groningen had no history of seismic activity.
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Since then, nearly a thousand earthquakes up to 3.6 on the Richter have shaken Groningen resulting in more than 50,00 damage complaints.
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The Dutch authorities could be held criminally accountable.
THE FULL SHOCKING ARTICLE
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Posted in: Business Principles, Environment, Exxon Mobil, Gas, Groningen Earthquakes, Litigation, Royal Dutch Shell Plc, Shell.
Tagged: ExxonMobil · Groningen field · Royal Dutch Shell Plc · Shell