As it stands, Russia supplies some on average 1,600TWh of gas per year to Europe which represents 40% of Europe’s needs.

The German energy group Uniper has decided to sever ties with Russia. Shell will withdraw from Russian hydrocarbons, including crude oil, petroleum products, gas and LNG in a phased manner.

The Brent price will average $117/b in March, $116/b in 2Q22, and $102/b in the second half of 2022 (2H22). We expect the average price to fall to $89/b in 2023.

But events in Europe may cause a rethink about natural gas, both as a transition fuel in the United States and a foreign policy tool.

ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies.

Engie said it would comply with any European sanctions that could potentially affect Russian gas supplies to Europe, but warned of the major impact such a move would have on the market.

Shares in oil giant Aramco touched the highest level in its history of SR43.1 ($11.5) on Wednesday, propelled by a rally in the energy market.

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure.

Germany will look into all options in response to the likely decrease or stop in Russian fossil fuel deliveries to Germany, including a longer run-time of nuclear and coal-fired power plants, even if those options are unlikely.

Europe's top economy has been under pressure from other Western nations to become less dependent on Russian gas, but its plans to phase out coal-fired power plants by 2030 and to shut its nuclear power plants by end-2022 have left it with few options.

The Board of Shell plc (“Shell”) announced its intention to exit its joint ventures with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project.

The consortium has acquired 49% stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.

The bp board announced that bp will exit its shareholding in Rosneft. bp has held a 19.75% shareholding in Rosneft since 2013.

Equinor's (OSE: EQNR, NYSE: EQNR) Board of Directors has decided to stop new investments into Russia, and to start the process of exiting Equinor’s Russian Joint Ventures.

The TANAP is the central part of the Southern Gas Corridor, which connects the Shah Deniz gas field in Azerbaijan to Europe through the South Caucasus Pipeline (in Azerbaijan and Georgia) and Trans Adriatic Pipeline (TAP, from Greece to Albania and Italy).