Equinor had operated in Russia for more than 30 years and had four joint ventures in the country
Equinor had a 30% stake in the Kharyaga oil field in Russia. (Credit: Svein Are Enes/Equinor ASA)
Equinor has completed its exit process from Russia, a decision taken by the Norwegian oil and gas company following the launch of the Russian military campaign in Ukraine.
In May 2022, the oil and gas major said that it will quit the four joint ventures it has with Rosneft. At that time, the former also announced the signing of an agreement to exit the Kharyaga oil project.
Equinor has now confirmed that it has fully exited from the Kharyaga field in which it had a 30% stake. Located in the Nenets Autonomous District, the oil field has been producing since 1999.
The Norwegian firm farmed into the onshore oil project in 1996. Its stake in the project gave it an equity production of nearly 10,000 barrels per day.
Another oil and gas major TotalEnergies had also quit the Kharyaga field following the Russian millitary attack on Ukraine.
Equinor stated: “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.”
The Norwegian oil and gas firm currently has no remaining assets or projects in Russia following the exit from the Kharyaga project.
Equinor had operated in Russia for more than 30 years. In 2012, the company entered into a cooperation agreement with Rosneft.
At the end of last year, the Norwegian energy company had $1.2bn in non-current assets in Russia.
Its joint ventures in the country included the AngaraOil licenses in Eastern Siberia, the Domanik limestone formation in the Samara region, the North-Komsomolskoye onshore project in West Siberia, and the Kharyaga field.