3.125
%
Neutral
6
mm boe
10
%
While moves to limit production have underlined the excesses of the green movement, the elections have dented the more extreme elements of O&G policy, and small-field development in the North Sea continues. Coalition talks after the October 2025 election leave the policy direction to be settled. Outlook maintained because North Sea small-field support continues. Outlook: Neutral. Risk premia unchanged at 3.125%.
October 7, 2026
Europe - North West
mm bbl
bcf
Western Europe, bordering the North Sea, between Belgium and Germany.
Concession
Holders of a Dutch exploration and/or production license are generally subject to (a combination of) the following direct taxes: (i) corporate income tax (“CIT”); (ii) surface rental taxes; (iii) state profit share (“SPS”); and/or (iv) a royalty-based taxation.
Dick Schoof's government collapsed in June 2025, and D66 under Rob Jetten narrowly emerged as the largest party in the October 2025 election, leading to coalition talks. US and UK guidance describe a very open, low-risk market, while noting tougher FDI and export-control screening, demonstrated by the state's intervention at Nexperia in 2025. The Groningen gas field was permanently closed in 2024 and domestic output is declining. The Netherlands now relies on imports and LNG via Rotterdam (Gate) and Eemshaven, with small-field development such as N05-A continuing in the North Sea.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
© 2024 Oil & Gas Advisors Limited
Website by Rugby Web Design
