The Norwegian Equinor completes its withdrawal from Russian operations

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Norwegian oil and gas company Equinor ceased operations in Russia following Moscow’s military war against Ukraine.

The company initially announced its intention to exit Russian operations in February 2022, three days after Russia invaded Ukraine.

It also halted all new Russian investment and ended trade in oil and gas products from Russia.

In May this year, the Norwegian company said it had withdrawn from the four joint ventures it had with Russian oil company Rosneft to comply with EU and Norwegian sanction legislation regarding Russia. .

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

Equinor is now fully out of the Kharyaga field located in the Timan-Pechora Basin in the Nenets Autonomous District, 60 km north of the Arctic Circle.

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

At the end of last year, the Norwegian energy company had $1.2 billion 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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