TotalEnergies announces that it will be selling its stake in Russian oil fields

TotalEnergies, the energy giant, announced Wednesday, July 6, that it had sold 20% of its stake in Khariaga, in Russia's Arctic, to Zaroubejneft.

TotalEnergies announces that it will be selling its stake in Russian oil fields

TotalEnergies, the energy giant, announced Wednesday, July 6, that it had sold 20% of its stake in Khariaga, in Russia's Arctic, to Zaroubejneft. Zaroubejneft had inherited the position as site operator since 2016.

"In accordance with our principles regarding our disengagement Russian oil (...), TotalEnergies has accepted to transfer to Zaroubejneft the 20% residual interest that was held by the Company", stated the French group in a statement. It also said that "this transaction is subjected to the approval of the Russian authorities." This transaction has not been disclosed in any amount.

According to Zarubezhneft internet, the French group has decided to withdraw completely from this project which has "more than 20,000,000 tons" of oil produced since 1999. It also "has generated more that 4 billion dollars in Russian revenue".

TotalEnergies had already sold a portion of its Khariaga stake to Zaroubejneft in 2016, from 40% to 20%.

The French energy giant announced that Russia would withdraw from the world in April against the background of the conflict in Ukraine. It also depreciated assets worth 4.1 billion, including the Arctic LNG 2 gas project, after it had stopped contributing funds.

TotalEnergies had already taken a stand against Russia, which was a strategic partner for the company. In March, it announced that it would cease all Russian oil, diesel, and petroleum products purchases by the end the year. He also stated that he would no more provide capital for any new projects in Russia.

It has not yet withdrawn from the country where it has been established since 1990. This country produces 16.6% of its hydrocarbons and 30 percent for gas, drawing criticism. There are many supporters of total withdrawal from Russia following the invasion by Moscow's forces within Ukraine.

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