Norwegian energy company Equinor has completed its exit from Russia, after divesting its 30% stake in its last remaining asset in the country: the 30 kb/day Arctic Kharyaga oil field, operated by Russia’s Zarubezhneft. This marks the first full exit from Russia by an international oil and gas company.
Equinor first announced its intention of exiting the Russian market only a few days after Russia’s invasion of Ukraine in February 2022. In May 2022, Equinor announced its exit from the four joint ventures it had with Russia’s Rosneft and signed an agreement to leave the Kharyaga project.
Other companies such as Shell and BP have announced their intention to exit Russia. Shell has recently confirmed that it would not take part in the Sakhalin-2 LNG project which was taken over by Russia in July 2022. In July 2022, France’s TotalEnergies also announced it would transfer its 20% stake in the Kharyaga oil field to Zarubezhneft.