MOSCOW (Pakistan Point News / Sputnik - 02nd September, 2022) Norwegian energy company Equinor has withdrawn from the production sharing agreement covering Russia's Kharyaga oil field, thereby completely ending its over 30-year presence in the Russian market, the company said on Friday.
"On 25 May 2022, Equinor announced its exit from the four joint ventures with Rosneft as well as the signing of an agreement to leave the Kharyaga project. Equinor can now confirm that the full exit from Kharyaga has also been completed... Following the exit from Kharyaga, Equinor has no remaining assets or projects in Russia," a statement read.
Norwegian oil and gas company Equinor had been present in Russia for over 30 years. During this time, it had established strong relationships with various Russian energy companies. In 2012, Equinor (then Statoil) initiated strategic cooperation with Rosneft. Bilateral collaboration covered several joint projects, including the North Komsomolskoye pilot project for viscous oil development in West Siberia, a pilot project for the development of Domanik limestone formation in the Samara region and offshore exploration.
