nat gas {another village post} European Gas Production - VET
Someone an hour back or so proposed the idea that there was no European NG production left due to Groningen closure...VET begs to differ.
VET has for years described itself as Holland's second largest NG producer behind the Exxxon-RDS JV that runs (ran?) Groningen. They maybsoon be the largest. They drill in an area north of Amsterdam out in polders that user to be North Sea and are now entirely agricultural. And they are deep and highly productive conventional, typically IPing over 10mmcf/d, often over 15 (these are verticals, so long-lived). The issue is getting more than 1-2 permits/yr. Painfullynslow permitting process, although it wouldn't surprise me if with Gronongen closure in sight and gas at $24 US/mcf, certain people I the Dutch government suddenly find religion.
Anyhow, the big play is operatorship in the Irish offshore Corrib field where they own 20% and are the operator. Something around 40 mm f/d net. A total cash cow now (although the almost 3 year delay to get it into production 3-4 years back was singularly responsible for taking VET from a decade long 1:1 D:CF company to the one currently paying its penance).
VET also has high netball north German plains production in and around Hamburg. Nor a lot but slowly building (around 2,500 boe/d).
The question is whether in the current environment, they can get more of their 2.5m net acres in Central Europe moving faster towards production because you can bet Hungary, Slovakia, Croatia and Slovenia aren't going to impede domestic production to displace Gazprom, one for one.
Regards,
Naamkat