By MAARTEN VAN TARTWIJK: Sept. 2, 2015
AMSTERDAM—A Dutch court ruled Wednesday that Royal Dutch Shell PLC and Exxon Mobil Corp must compensate homeowners for a drop in house prices caused by earthquakes linked to production at the Groningen gas field.
The ruling could open the door to a wave of compensation claims against the energy companies, which operate the field through a joint-venture called the Nederlandse Aardolie Maatschappij BV, or NAM.
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Shell, Exxon ordered to pay Groningen earthquake compensation
Sep 2 2015, 12:33 ET | By: Carl Surran, SA News Editor
- A Dutch court rules that Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM) must compensate homeowners for a drop in house prices caused by earthquakes linked to production at the Groningen gas field.
- The ruling specifies that homeowners do not have do demonstrate their property has suffered physical damage, but only that its value has been affected by its location in the quake area.
- The ruling could open the door to a wave of compensation claims against the companies, which operate the field through a joint venture which so far has set aside €1.2B ($1.4B) in part to compensate homeowners for damages to their property.
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