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Saudi Arabia Announces Discovery of Oil, Gas Deposits

Saudi Arabia announced the discovery of seven oil and gas deposits. SPA
Saudi Arabia announced the discovery of seven oil and gas deposits. SPA
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Saudi Arabia Announces Discovery of Oil, Gas Deposits

Saudi Arabia announced the discovery of seven oil and gas deposits. SPA
Saudi Arabia announced the discovery of seven oil and gas deposits. SPA

Saudi Energy Minister Prince Abdulaziz bin Salman announced on Monday the discovery of seven oil and gas deposits in the Kingdom's Eastern Province and Empty Quarter, the official Saudi news agency SPA reported.

Prince Abdulaziz said Saudi Aramco had discovered "two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs", SPA said.

Two unconventional oil fields and one reservoir were discovered in the Eastern Province while two natural gas fields and two reservoirs in the Kingdom's Empty Quarter.

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German Coalition Reaches Breakthrough on 2025 Budget, Financial Plan

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
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German Coalition Reaches Breakthrough on 2025 Budget, Financial Plan

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights

The leaders of Germany's three-party coalition on Friday achieved a breakthrough in negotiations on the national budget for 2025, dpa has learnt from government sources.

The coalition leaders have also reached a preliminary deal on a financial plan to secure additional economic growth of more than 0.5% - worth an estimated €26 million ($28 million) - in the coming year.

Sources told dpa that the coalition plans to stick with strict rules against budget deficits, known as the debt brake, banking on a significant increase in economic output to overcome shortfalls in government spending.

The breakthrough comes after weeks of negotiations between German Chancellor Olaf Scholz of the Social Democratic Party (SPD), Vice Chancellor and Economy Minister Robert Habeck of the Greens and Finance Minister Christian Lindner of the pro-business Free Democratic Party (FDP).

The key sticking point has been a €10 billion deficit in government expenditure, with Lindner's FDP refusing to sideline the debt brake to allow for additional borrowing and investments, and the SPD ruling out any cuts to welfare spending.

Sources told dpa that the new deal includes a supplementary budget totalling €11 billion to overcome lower-than-expected tax revenues and higher government spending.