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September 5, 2022

Norway’s Equinor completes exit from Russian operations

Equinor had four joint ventures in Russia, where it had operated for more than 30 years.

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Norwegian oil and gas company Equinor has exited from its operations in Russia in the wake of Moscow’s military war against Ukraine.

The firm initially announced plans to exit Russian operations in February 2022, three days after Russia’s invasion of Ukraine.

It also halted all new Russian investments and ended oil and gas products trading from Russia.

In May this year, the Norwegian firm said it pulled out from the four joint ventures it has with Russian oil firm Rosneft to comply with EU and Norwegian sanction legislation related to Russia.

At that time, the company also agreed to exit its 30% stake in Russia’s Zarubezhneft-operated Kharyaga oil project.

Equinor has now fully exited from the Kharyaga field located in the Timan-Pechora basin, in the Nenets Autonomous District, 60km north of the Arctic Circle.

In a press statement, Equinor said: “As part of the exit from Kharyaga, Equinor has, in compliance with applicable sanctions, covered decommissioning liabilities accrued and owed by Equinor over the years.”

At the end of last year, the Norwegian energy company had $1.2bn in non-current assets in Russia.

In July 2022, TotalEnergies agreed to transfer its 20% stake in the Kharyaga oil field to project operator Zarubezhneft.

Last year, the Kharyaga field reported production rates of 1.56 million tonnes of oil, according to Interfax.

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