×
GreekEnglish

×
  • Politics
  • Diaspora
  • World
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Cooking
Sunday
21
Dec 2025
weather symbol
Athens 14°C
  • Home
  • Politics
  • Economy
  • World
  • Diaspora
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Mediterranean Cooking
  • Weather
Contact follow Protothema:
Powered by Cloudevo
> Economy

Europe is sitting on natural gas deposit worth $1 trillion but doing nothing – Why?

The Groningen gas field in the Netherlands has about 450 billion cubic metres of exportable gas in reserves

Newsroom October 7 12:28

The Groningen gas field in the Netherlands is vast. It’s the largest in the European Union, and one of the 10 biggest in the world. Its available reserves of about 450 billion cubic meters are equivalent to all the EU’s needs for one year.

It’s exactly the kind of precious (if non-renewable) economic resource that would normally be front and centre in an energy crisis like the one afflicting the region today. Every molecule of gas counts at a time when Europe is scrambling to cut its ties to Russia — source of about 40% of the EU’s gas consumption — by chasing new suppliers, investing in renewables, curbing demand and wringing existing sources dry.

But instead of being a powerful weapon in the Europeans’ battle against the energy crisis, the field is headed for closure and the Netherlands refuses to increase supply, even as it acknowledges that Europe is preparing for perhaps the toughest winter since B’ World War. But why? The answer lies in the fact that drilling has led to repeated earthquakes and Dutch officials fear a backlash from local residents.

Groningen has been the backbone of Europe’s natural gas supplies since 1963. Even after half a century, there are still about 450 billion cubic metres of exportable gas in reserves worth about $1 trillion.

More importantly, there is room to increase the amount pumped by 50 billion cubic metres per year compared to current levels, according to Shell, one of the two energy companies that have taken over its management.

Russia, which accounted for about a third of Europe’s natural gas imports before the invasion of Ukraine, has cut supplies in response to EU sanctions against it. And recent developments regarding the Nord Stream pipeline have effectively cemented the reduced level of flows to Germany. The extra flow that Shell estimates could be put on the grid almost immediately would be more than enough to replace the 46 billion cubic meters Germany imported from Russia last year.

What are the local residents saying?

Residents of the area stress that the continent should look to other sources, as they fear a possible disaster. Vilnur Hollaar, 50, who has lived in the area for nearly two decades, criticises the authorities for years of ignoring residents’ concerns. “When I bought this house in 2004, it was a palace,” he tells Bloomberg of his 1926 residence, which features stained glass windows and detailed stonework. But like thousands of other houses it has been destroyed by the earthquakes. It is full of cracks and its facade is crumbling. “It has turned into a ruin,” he says.

Since 1986, hundreds of earthquakes have been recorded around the Groningen field. However, most of them are so small that they are not noticeable. An exception was a magnitude 3.6 earthquake in 2012 that caused extensive damage to buildings. In 2014 the Dutch government imposed severe restrictions on production, causing supply to drop from 54 billion cubic metres in 2013 to around 4.5 billion cubic metres this year.

Of the approximately 327,000 homes in the area, at least 127,000 have sustained some form of damage from the earthquakes. More than 3,300 buildings were demolished because they were deemed unsuitable.

>Related articles

The Ukrainians struck a tanker of Russia’s ‘shadow fleet’ between Crete and Libya; Putin warns, ‘we will respond’

Putin unmoved on Ukraine’s territorial issue: His clear message through the map shown during his interview

Putin attacks Europeans over Russian assets: “Thieves who will face serious consequences”

also read

Average price for an overnight Athens hotel stay up in October

 

Ask me anything

Explore related questions

#earthquake#energy#energy crisis#exportable gas#Groningen gas field#Natural Gas#Netherlands#russia#ukraine#war
> More Economy

Follow en.protothema.gr on Google News and be the first to know all the news

See all the latest News from Greece and the World, the moment they happen, at en.protothema.gr

> Latest Stories

Mitsotakis to farmers: Yes to dialogue, but not to the unreasonable – their stance is unconstructive, they should think of our country

December 21, 2025

Closed streets today in Athens for the Athens Santa Run 2025

December 21, 2025

Retailers target turnover to exceed €4.5 billion in December

December 21, 2025

2025, the year of revealing tax evasion: How digital audits via POS, IRIS and myDATA overturned decades-old practices

December 21, 2025

The Trump family invited to a Greek house in Davos – Contacts with Greek business leaders and a private dinner at the Cresta hotel

December 20, 2025

Chain reactions from farmers’ protests – Booking cancellations of up to 50% in Thessaly and Epirus

December 20, 2025

Tsiaras’ statement on farmers’ demands: 74% have already been met, dialogue is a matter of responsibility

December 20, 2025

Rare video shows Domna Samiou teaching Cretan Christmas carols

December 20, 2025
All News

> Culture

Rare video shows Domna Samiou teaching Cretan Christmas carols

The 1974 footage comes from the ERT archive – It shows a rehearsal of the co-ed high school of the “Estia Neas Smyrnis” at the home of the iconic artist

December 20, 2025

Christos Markogiannakis honored as Knight of the Order of Arts and Letters

December 19, 2025

British Museum: Loans of up to 3 years are its new model for antiquities removed from other countries – What it plans to do with the Parthenon Sculptures

December 19, 2025

12th Arcadia Classic Tour, 24-25 January 2026 (video-photos)

December 19, 2025

The renowned violinist and conductor André Rieu recently presented the Greek Christmas carols

December 18, 2025
Homepage
PERSONAL DATA PROTECTION POLICY COOKIES POLICY TERM OF USE
Powered by Cloudevo
Copyright © 2025 Πρώτο Θέμα