Equinor transferred its stakes in four joint ventures to Rosneft, withdrew from the Kharyaga PSA

Norway’s Equinor has transferred its stakes in four Russian joint ventures to Rosneft and is released from all future obligations, the company said.

An agreement was also signed to withdraw from the Kharyaga project.

The exit from all joint ventures was completed in accordance with the sanctions legislation of Norway and the EU against Russia, the company specifies.

Equinor has decided to start the process of withdrawing from the JV in Russia on February 27, 2022. Since then, the company has suspended all new investments in Russia, ceased trading in oil and gas products from the country, and posted a $1.08 billion impairment on its balance sheet as of March 31, 2022.

Equinor has been operating in Russia for over 30 years. Leaving the country means for it the loss of 88 million barrels of oil equivalent reserves (1.6%) and 21.6 thousand boe. per day of production (1%). Thus, the share of production at the Kharyaginskoye field (Kharyaginskoye PSA, 30%) in 2021 amounted to 10 thousand boe/d, at the Severo-Danilovskoye field (Angara Oil, JV with Rosneft) – 11 thousand boe/s, Severo-Komsomolsk (SevKomNeftegaz, JV with Rosneft) – 5 thousand boe/s.

Also, together with Rosneft, Equinor planned to work in a geological exploration project to study hard-to-recover hydrocarbon reserves of the Domanik deposits in the Samara region and in a project to study shale oil of the Khadum suite in the Stavropol Territory.

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