Netherlands won't permit gas drilling in sensitive Wadden Sea, government says
Reuters
Published Mar 05, 2024 19:13
AMSTERDAM (Reuters) - The Netherlands will not permit companies to drill for gas in the Dutch part of the protected Wadden Sea, the Dutch government said on Tuesday in a move that will block planned exploration by Shell (LON:RDSa) and ExxonMobil (NYSE:XOM) joint venture NAM.
Mining minister Hans Vijlbrief said new projections for an accelerated rise of sea levels due to climate change had altered the picture for gas drilling at the site, increasing risks that extraction could pose for the seabed.
NAM discovered gas reserves of up to 40 billion cubic metres (bcm) in the Wadden Sea in the mid-1990s and forecast additional volumes of 30 to 130 bcm might be found there.
Since then, the issue of gas drilling in the environmentally sensitive nature reserve has become a sensitive topic.
The Wadden Sea is a UNESCO World Heritage site but last year the United Nations warned it could lose that status if gas drilling were to be permitted there.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.