The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
400 jobs Number of planned job losses
Announcement Date
18 October 2016
Employment effect (start)
Foreseen end date
31 December 2016
Description
The Dutch oil and gas exploration and production company NAM, owned by Shell and ExxonMobil, is cutting 400 out of 2,200 jobs this year because of low natural gas prices and the decreased extraction of natural gas in the northern province of Groningen. All 400 job cuts were achieved through a voluntary severance package, but an additional 2,000 job cuts are estimated to affect suppliers and subcontractors. NAM's activities in Groningen have been controversial for several years as gas extraction in the area has lead to earthquakes, subsidence, and consequent damage to buildings. Since 2015, the Dutch government and Supreme Court have therefore limited the amount of natural gas that can be extracted from the Groningen gas field. Additionally, NAM must pay for reparations of damages to buildings and reinforcement of existing buildings in the area. This has been reported as a contributing factor to the need for cutting costs.
Sources
18 October 2016: De Volkskrant
18 October 2016: De Financiële Telegraaf
28 January 2015: Nu.nl
Citation
Eurofound (2016), NAM, Internal restructuring in Netherlands, factsheet number 88972, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88972.
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