The Norwegian energy group is the first to exit Russian assets fully after the invasion of Ukraine.
Equinor confirms in a press release that the full exit from Kharyaga oilfield in Arctic Russia has been completed, as promised after Russia’s invasion of Ukraine in February.
On 28 February the Equinor’s Board of Directors decided to stop new investments into Russia, and to start the process of exiting Equinor’s Russian Joint Ventures.
And 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 "in accordance with Norwegian and EU sanctions legislation related to Russia".
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. Following the exit from Kharyaga, Equinor has no remaining assets or projects in Russia.
The Arctic Kharyaga oilfield is operated by Russia’s Zarubezhneft and in which TotalEnergies is a partner.