Zion Oil & Gas Inc (ZNOG)

[Bruce_Mcdonalds]

Largest gas field in Europe shutdown. No frackin' in Groningen, the Greenies won.

"The Netherlands officially shut down the Groningen gas field on Friday after the authorities approved a permanent halt to drilling operations at the site to limit seismic risks in the northern region."

"Opened in 1963, Europe’s largest gas field became a major contributor to the Dutch economy, and still has huge reserves of gas. It produced more than 50 billion cubic meters of gas at its peak ten years ago. However, the region has recorded over 1,600 earthquakes since 1986 which have damaged 85,000 buildings. It is not clear whether the halt to production is enough to prevent seismic activity in the region, as empty cavities remain underground."

"According to Reuters, gas profits have delivered €363 billion ($385 billion) to the Netherlands since production was launched, while Shell and Exxon’s profits from Groningen amounted to nearly €66 billion over the same period."