Equinor to Exit from Joint Ventures with Rosneft

Photo: Equinor

Equinor to Exit from Joint Ventures with Rosneft

Norwegian state-owned company Equinor has decided to exit from its projects in Russia, including those implemented together with Rosneft. The decision was announced on 28 February by Anders Opedal, President and CEO of Equinor.

The decision has been taken in light of the situation in Ukraine, the company says. Equinor acts in line with sanctions imposed by the Norwegian Government, the EU, and the US. “We have employees from both Ukraine and Russia, and we are proud of how our people from different backgrounds and nationalities collaborate – with mutual respect, as one team in Equinor,” commented Mr. Opedal.

Equinor has been active in Russia for more than 30 years. The strategic partnership agreement between the Norwegian-based giant and Rosneft was signed in 2012. Under this arrangement, a joint venture was established in 2017 to develop the Komsomolskoe North oil field in Yamal, Russian Arctic. Among other major Equinor’s investments in Russia are the Severo-Danilovskoe oil and gas condensate field and some other blocks in East Siberia.

On 27 February, BP made a decision to sell its 20-percent stake in Rosneft which it had held since 2013.

Arctic Today is a column by PORA CEO Alexander Stotskiy analyzing major international, national and regional events and trends in the Arctic.
Alexander Stotskiy
28 February 2022
Arctic Today