Economic Issues

Oil giants lost $58 billion leaving Russia

Oil giants lost $58 billion leaving Russia

easternherald.comMar 8, 2023 9:13 PM

Foreign oil and gas companies wrote off nearly $58 billion from their balance sheets in 2022 due to asset write-downs in Russia. The British company British Petroleum became the record holder for losses.×300&!2&fsb=1&xpc=Ck09ktKwUa&p=https%3A//

The company calculated that its losses amounted to $25.52 billion. At the same time, it still cannot get approval from the government commission and sell its stake in Rosfnet.

The second indicator in terms of losses was presented by the French TotalEnergies. It wrote off $14.8 billion due to investments in joint projects with NOVATEK. The German Wintershall Dea AG lost 7 billion euros in one year after selling its Russian assets. It has made investments in the development of gas fields.

The Austrian OMV participated in a joint venture with Gazprom. She had to write off $2.67 billion. Of these, 1.07 billion were losses due to Nord Stream 2.

We also know the losses of the Anglo-Dutch Shell (4.186 billion dollars), the American Exxon Mobil (2.3 billion) and the Norwegian Equinor (1.08 billion).

Earlier, it was reported that the earthquake in early February 2023 in Turkey significantly changed Ankara’s rhetoric regarding the establishment of a previously announced gas hub. Literally immediately after that, Deputy Prime Minister of the Russian Federation Alexander Novak announced the need to triple the volume of LNG production.

Photos used: pixabay.comFor latest updates and news follow The Eastern Herald on Google NewsInstagramFacebook, and also on Twitter.
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