The Norwegian company Equinor (former Statoil) announced the beginning of the withdrawal from Russian projects, including a partnership with Rosneft, due to the military situation in Ukraine. The company emphasized the priority of employee safety
The board of directors of the Norwegian oil and gas company Equinor (formerly Statoil) has decided to withdraw from joint ventures in Russia and stop new investments in the country. This is stated in the company’s statement: “The process of withdrawing from joint ventures in Russia with the participation of Equinor has begun.”
“We are all deeply concerned about the invasion of Ukraine, which represents a terrible setback for the entire world, and our thoughts are with all those who are suffering because of the hostilities,” said Anders Opedal, President and CEO of Equinor. He stressed that Equinor’s top priority in this difficult situation is “the safety of our people.”
RBC sent a request to the press service of Rosneft.
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Equinor has been operating in Russia for more than 30 years: in 1996, the company began developing a field in the Timan-Pechora basin, where it now owns a 30% stake in the Kharyaginskoye field development project based on a production sharing agreement. In 2012, the company entered into a strategic partnership with Rosneft and calls this relationship its core business in Russia. As part of the agreement, a joint venture Sevkomneftegaz was established in 2017 to develop the Severo-Komsomolskoye field in Yamal. Since the end of 2020, the companies have been partners in Angaraneft, which owns a license for a site with the Severo-Danilovskoye field in the Irkutsk region. Among the projects owned by Equinor in Russia is also 49% in Krasgeonats (then renamed AngaraOil), with licenses for exploration and production of oil in areas in Eastern Siberia (Norwegians acquired this package from Rosneft in 2020- ohm for about $550 million. As of the end of 2021, the company’s non-current assets in the country were estimated at $1.2 billion.