A Gas Field That Could Replace Supplies from Russia: The EU Supports Its Activation

In the Netherlands, there is a gas field with reserves worth $1 trillion that could adequately replace supplies from Russia, reports Bloomberg.

The largest natural gas reserves in Europe, approximately valued at $1 trillion, are located beneath the Netherlands. This concerns the Groningen gas field, whose capacity is sufficient to replace most of the fuel flowing from Russia to Europe through Germany this winter, according to the publication.

Since 1963, the field has been a primary source of gas for Europe. Currently, there are about 450 billion cubic meters of gas available there. According to Shell's calculations, this field could produce 50 billion cubic meters of gas annually, which is comparable to last year's supplies of 46 billion cubic meters from Russia through Germany.

Bloomberg noted that the field continues to be conserved due to earthquakes caused by drilling. About one-third of homes in the area have been affected, and residents are strongly opposed to the continuation of drilling. However, the gas shortage in Europe may compel the Netherlands to take radical action. Additionally, the European Union is also in favor of reassessing the stance on the field.