It is no surprise that Shell and ExxonMobil will be selling parts of NAM, according to Professor of Energy Economics Machiel Mulder of the University of Groningen (RUG). The fields are almost empty and so it is less profitable to keep them. The Groningen field and the underground storage facilities in Norg and Grijpskerk are not for sale.
According to Mulder, this requires a different ‘tactics and organization of the company’. “That was not the case when you develop a larger field, such as the Groningerveld. Now it is profitable to sell everything to a party that can do it much better.”
According to him, there are enough companies active. “Actually, this process has been going on for years. NAM used to do most of the gas extraction in the North Sea, but now it only holds five percent of all permits for extracting gas in the North Sea.”
Companies that are active come from all corners of the world, including the Russian Gazprom. However, Mulder does not expect that company to qualify. “I don’t think they will get a foot in the door, the government is also keeping an eye on that. Ultimately, the Ministry of Economic Affairs has to give permission for the license and NAM cannot transfer that license to any random company.”
The price tag of the parts is one billion euros. “That seems like a lot, but it isn’t,” Mulder explains. “I have sometimes calculated the value of that gas at ten, twenty or forty billion euros, depending on the gas price at that time.”
In any case, not much will remain of the NAM. “The NAM announced last year that it wanted to split up into four private limited companies and that they want to gradually sell them. We now see the first step. Ultimately, little of NAM will remain. The organization will disappear, but the activities will be taken over and will remain. Gas extraction in the North Sea and on land will continue, because there is still gas in it.”