Equinor has transferred $1bn in commitments to oil company Rosneft for just €1
An oil refinery is seen in this file photograph. Picture: REUTERSNorway’s Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals — but it also paid a price.
The deal followed weeks of negotiations between Equinor and Rosneft’s representatives, who in turn handled relations with the Kremlin, which holds the final say on such transactions. A spokesperson for Equinor, which wrote down the book value of its Russian assets to zero from $1.1bn in the first quarter of this year, said its exit from the joint ventures with Rosneft was “value neutral”.The withdrawal brought an end to ambitious plans by Equinor, which 10 years ago signed a deal with Rosneft to help explore for oil and gas across huge swathes of Russia’s territory, including the Arctic, Pacific and the country’s south.
The deal included jointly drilling wells offshore Russia and studying production potential for some onshore assets, as well as Rosneft’s participation in exploration off Norway. Between 2018 and 2020, Equinor and Rosneft expanded their partnership to several fields in west and east Siberia.
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