Royal Dutch Shell said it would write off reserves in the Groningen gas field, one of Europe’s largest.
Shell said it is taking the decision following the Dutch government’s decision to phase out production by 2030.
The Anglo-Dutch company holds a 50 percent stake in the field, which has seen production reduced in recent years following a series of damaging earthquakes.
The company said it expects to write off an estimated 0.5 to 0.65 billion barrels of oil equivalent in 2018.
To show how bad things went, Shell also took an impairment of $244 million in the first quarter as a result of the government’s decision.
Gas company NAM is a joint venture of Shell and Exxon Mobil that runs the field.