According to One-Dyas, this will be the largest investment in a new gas development off the Netherlands in the past 15 years, with an estimated price tag of more than EUR 500 million (US$489 million).
The project also had to clear various environmental hurdles.
"We are bringing emissions close to zero as the nearby offshore Riffgat wind park will supply the N05-A platform with wind energy," ONE-Dyas CEO Chris de Ruyter van Steveninck said. “We have agreed to produce natural gas from the GEMS area [20-100 km north of the mouth of the river Ems] only as long as there is domestic demand for natural gas in the Netherlands and Germany."
N05-A Field and surrounding prospects are thought to hold resources of 4.5 Bcm to 13 Bcm of gas, with potentially about 50 Bcm in the wider Dutch-German GEMS Field.