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Earthquakes shake NAM, the Shell/Exxon joint venture 

Screen Shot 2014-10-01 at 20.37.24Earthquakes linked to extraction in the area have led to a public backlash and a new production plan for the field will be presented by July 1, 2016. The venture has set aside 100 million euros for claims and has paid out about 50 million euros so far.

Extracts from a BloombergBusinessweek article

The Slochteren field is operated by the Nederlandse Aardolie Maatschappij BV, or NAM, the Dutch gas-production venture of Royal Dutch Shell Plc and ExxonMobil Corp.

Earthquakes linked to extraction in the area have led to a public backlash and a new production plan for the field will be presented by July 1, 2016.

The venture has set aside 100 million euros for claims and has paid out about 50 million euros so far.

The government will also need to spend about 1.2 billion euros to compensate for houses and buildings damaged by temblors in the area of the field.

The strength of earthquakes triggered by gas production where the Slochteren field is located may rise to a magnitude 5 on the Richter scale, according to a study released in January last year by the State Supervision of Mining at the Ministry of Economic Affairs.

An Aug. 16 last year, a temblor measuring 3.4 damaged the properties of about 2,500 people.

Full BloombergBusinessweek article

1 Comment on “Earthquakes shake NAM, the Shell/Exxon joint venture ”

  1. #1 jnffarrell1
    on Oct 9th, 2014 at 14:11

    Suggest new corporate logo for Royal Dutch Shill. Why not hold a contest with no prize for the best Icon for intellectual theft.

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