The first half year of 2019 consisted of two important milestones: first and foremost the decision to further accelerate the step-by step termination of the natural gas extraction from the Groningen gas field. Secondly the Climate Coalition Agreement which was finalized by the Dutch Government.
Revenues and profits decreased due to lower production volumes and lower market prices. The investment level remained stable at EUR 86 million.
This half year update is a reflection of the current valuation methodology based on International Financial Reporting Standards (IFRS). The step-by step termination of the natural gas extraction from the Groningen gas field will however continue and also changes in the contractual arrangements around the Groningen gas field (the so called “Gasgebouw”) may lead to additional changes in asset valuations and provisions in the near future.
EBN continues to make an active contribution to the acceleration of the energy transition. Most of our activities in the first half year reflect that effort. Next to the leading role in the re-use & decommissioning of E&P assets, EBN contributed to the further development of the Porthos project and acquired its first seismic data to accelerate the development of geothermal energy in the Netherlands. Furthermore, by bringing parties together and actively developing and sharing knowledge, EBN wants to create a knowledge and dialogue-platform for the energysector. In addition we facilitated the informed and factual dialogue on the development of the energy transition by means of our infographic and our magazine “Focus on energy – energy in motion.”