The Nederlandse Aardolie Maatschappij (NAM) has made a profit of 2.4 billion euros in the past year, it appears the yearbill which the company released on Monday. The NAM cites the high gas prices last year in combination with a “downsizing” of the organization as reasons for the billions in profit.
The NAM, owned by the British Shell and the American ExxonMobil, extracted 3.9 billion m³ of gas from the small gas fields on land and at sea last year. Last year, 4.5 billion m³ was produced from the Groningerveld on behalf of the Ministry of Economic Affairs and Climate. With this production, NAM supplied 25 percent of all the gas used in the Netherlands.
Because gas prices are still considerably lower this year than last year, NAM expects the profit for the current financial year to be lower. The Groningerveld will close on 1 October, which will further depress NAM’s profit. In 2021, NAM made a profit of 385 million euros.