The Northern Times
  • News
  • Lifestyle
  • Culture
  • People
  • What’s happening
  • Economy
  • Opportunities
No Result
View All Result
  • News
  • Lifestyle
  • Culture
  • People
  • What’s happening
  • Economy
  • Opportunities
No Result
View All Result
The Northern Times
No Result
View All Result

Shell plans to buy off NAM liability in Groningen

Shell, one of the two shareholders of the Dutch Petroleum Company (Nederlandse Aardolie Maatschappij, NAM), wants to buy off liability for the earthquakes in Groningen.

by The Northern Times
February 8, 2022
in Economy
Home Economy

In an interview with the Financieele Dagblad, president-director of Shell Netherlands Marjan van Loon stated that the move would speed up the process of settling damage claims.

Damage

For homeowners in the earthquake zone, where natural gas extraction has been taking place for decades, getting financial compensation for repairs to damage caused by the quakes has taken years due to disagreement about who should ultimately pay up.

Van Loon did not say how much money would be involved in such a buy out, but the Ministry of Economic Affairs estimates that claims handling will cost 3 billion euros up to and through the year 2027. On top of that, around 5.4 billion euros is the expected amount needed to compensate for repairs and structural reinforcement operations.

NAM arbitration cases

The NAM is pursuing two arbitration cases because they do not agree with the State about the damage to be paid. The company does not want to assume all damage because they claim that it cannot be proven that all damage was caused by them.

So far, NAM has paid the costs of the reinforcement operation for the first half of 2020. NAM paid only 60 percent of the costs for the second half of 2020 and the first quarter of 2021. This was stated in a letter to parliament from State Secretary for Mining Vijlbrief.

Looking to learn more about the history of the earthquakes in Groningen? Check out our in-depth story about the gas extraction operations, the impact on the province, and the ongoing protests to bring the quakes to an end.

Photo courtesy of the Groninger Internet Courant

Tags: earthquakesGroningenNAMShell

Related Posts

Make_it_in_the_North
Make it in the North

Registrations open for career event for internationals in the North

September 19, 2023
Job fair to be held at the Vismarkt this week
What's happening

Job fair to be held at the Vismarkt this week

September 11, 2023
Celebrations at Klippa: From 6 guys in a room to a brand new HQ
Economy

Celebrations at Klippa: From 6 guys in a room to a brand new HQ

September 4, 2023

Popular News

  • Groningen Market Day arriving with its biggest market to date

    Groningen Market Day arriving with its biggest market to date

    381 shares
    Share 152 Tweet 95
  • More explosions rock Groningen province

    408 shares
    Share 163 Tweet 102
  • University of Groningen facing financial trouble

    362 shares
    Share 145 Tweet 91
  • University of Groningen becomes first official TOEFL test center in the North

    346 shares
    Share 138 Tweet 87
  • Three people killed in Rotterdam shootings

    338 shares
    Share 135 Tweet 85
The Northerntimes is powered by: TopDutch

No Result
View All Result
  • Arts
  • Contributors
  • Covid-19 News
  • Covid Chronicles
  • authority
  • personal
  • photo reportage
  • professional
  • Crime
  • Culture
  • Drenthe
  • Dutch history
  • Econ 050
  • Economy
  • Education
  • Eurosonic Noorderslag
  • Friesland
  • Groningen
  • Health
  • Lifestyle
  • Make it in the North
  • National
  • News
  • Nightlife
  • Opinion
  • Opportunities
  • Education
  • People
  • Expats
  • International students
  • Politics
  • Shopping
  • Sports
  • submitted articles
  • Top Dutch Business
  • Travel
  • Typical Dutch
  • Ukraine
  • Uncategorized
  • What’s happening
  • World

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Submit a article

Send in an article to be published on The Northern Times.

Send a news tip

Got a story idea or want us to be aware of anything?