RIYADH: The consequences of the Russia Ukraine conflict continue to ripple throughout the world as seen in Germany and Denmark. Nevertheless, notable discoveries by Saudi Aramco ensure a light at the end of the tunnel.
Looking at the bigger picture:
·Saudi public petroleum and natural gas company Saudi Aramco has announced the discovery of five natural gas fields across the Kingdom that will help raise production of the fuel, Bloomberg reported.
Projections indicate that, in total, the five fields attain the capacity to produce 100 million cubic feet on a daily basis.
Through a micro lens:
·German-based energy firm Uniper might continue plans to build a liquified natural gas terminal in Wilhelmshaven, Handelsblatt upon request from the government, Reuters reported.
This comes as it said over the weekend that it would increase capacity of LNG by building more terminals and raise its natural gas reserves to reduce dependency on Russian gas.
·Danish multinational power company Orsted AS has announced that it has stopped buying Russian gas and biomass to fuel its power stations after Russia invaded Ukraine.
In addition to this, the wind power giant will no longer sign new contracts with Russian firms and will make sure that its renewable energy projects are not receiving direct supplies from them as well, Bloomberg reported, citing a statement by the company.
·British multinational oil and gas company BP divested its stake in Russian integrated energy company Rosneft as a response to the invasion, Reuters reported.
This move will account for a $25 billion hit as Rosneft accounts for 50 percent of the company’s oil and gas reserves and 33 percent of its production.
