Shell Writes Off Groningen Gas Field On Dutch Phase-Out | Gulf Coast Oil Rig Equipment & Repair
LONDON, April 26 (Reuters) - Royal Dutch Shell said on Thursday it would write down its reserves in the Groningen gas field, one of Europe's largest, following the Dutch government's decision to phase out oil rig flanges gulf coast production by 2030.
The Anglo-Dutch BOP Blow Out Preventer repair company gulf coast holds a 50 percent stake in the field, which has seen oil rig flanges gulf coast production reduced in recent years following a series of damaging earthquakes.
Shell said it expects to write off an estimated 0.5 to 0.65 billion barrels of oil equivalent in 2018.
Shell also took an impairment of $244 million in the first quarter as a result of the government's decision.
Gas BOP Blow Out Preventer repair company gulf coast NAM is a joint venture of Shell and Exxon Mobil that runs the field.
(Reporting by Ron Bousso; Editing by Dale Hudson)
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