Saudi Arabia discovers new gas fields in 4 areas

Saudi Arabia discovers new gas fields in 4 areas

RIYADH (Agencies): Saudi oil giant Aramco has discovered natural gas fields in four major areas around the Kingdom including the Empty Quarter, Saudi Press Agency reported, citing the ministry of energy’s statement.
The four major areas are in the Central Region, the Empty Quarter, the Northern Border Region and the Eastern Region.
Located in the Central Region, the Shadun field was discovered following a flow of gas from Shadun-1 well at a rate of 27 million standard cubic feet per day, with 3,300 barrels of condensate.
The Shehab natural gas field, located in the Empty Quarter, was discovered after gas flowed from the Shehab-1 well at a rate of 31 million standard cubic feet per day. Al-Shorfa field has also been found in the same area.
In the northern border area, Um Khanasser unconventional natural gas field has been uncovered after the flow of gas from Umm Khanasser-1 well at a rate of 2 million standard cubic feet per day with 295 barrels of condensate.
The Samna field of unconventional natural gas was found in the easter region, where gas flowed from the Samna-2 well at a rate of 5.8 million standard cubic feet per day with 24 barrels of condensate.
TASI regains momentum, amid retreating oil prices and positive earnings: Closing bell
Saudi stocks ended Sunday on a high note, as oil prices dropped and earnings were strong, despite Russia’s ongoing invasion of Ukraine.
At the closing bell, the main index, TASI, rose 0.98 percent to 12,418 points. The parallel market, Nomu, gained 0.04 percent to 24,952 points
Brent crude reached $97.93 a barrel, while US benchmark WTI stood at $91.59 a barrel
Amara Cooperative Insurance Co. was the top gainer, with a 9.95% rise.
Despite leading the gainers in last week’s closing session, Al-Baha Investment and Development Co. led the losers today, dropping 5 percent.
The stock of oil giant Aramco ended the session down 0.97 percent.
Al Rajhi Bank edged up 0.13 percent, while Alinma Bank rose 2.97 percent.
US, EU removes several Russian banks from SWIFT payment gateway
Amid rising tensions in Ukraine, the US and EU have decided to cut off several Russian commercial banks from the main international payment gateway, SWIFT.
It means Russia will not be able to make payments for trade and financial activities at the international level, especially payments for its oil and gas exports.
EU Commission President Ursula von der Leyen said that banning Russian banks from using SWIFT will “ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.”
Russian financial institutions handle approximately $46 billion foreign funds daily, and 80 percent of them are denominated in US dollars. As SWIFT handles 42 million remittances per day, the recent move from the US and EU will be a deadly blow to the Russian economy.

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