Windfall gas reserves discovered in the Netherlands
The additional gas reserves found last year are almost half as large as the total annual gas production of the Netherlands.
The Hague – Oil and gas companies found 33.1 billion cubic metres more natural gas in the Netherlands last year than expected, according to TNO, a Dutch organisation for applied scientific research.
Never before was the upward revision of Dutch gas reserves so high.
Additional gas was found in existing fields and newly discovered reserves, reports news agency ANP.
Geologist Jan Lutgert of the economic affairs department at TNO told the Financieel Dagblad the discoveries stemmed from an increase in exploration activities by oil and gas companies following high energy prices last year.
The high prices made it profitable to re-examine existing fields which were either approaching the end of their useful lifetimes or believed to be less financial attractive to exploit.
New extraction techniques also meant that gas in certain areas could be obtained less expensively.
The additional gas reserves are almost half the size of the total annual gas production of the Netherlands, the Financieel Dagblad reports.
Compared with last year's energy prices, the extra gas is estimated to bring EUR 5 billion to the Dutch treasury.
Revenue from the additional gas will not start to flow for at least a year.
The new discoveries bring the Netherlands’ total gas reserves to an estimated 1345 billion cubic metres.
Radio Netherlands / Expatica