Norwegian oil and gas producer Equinor has completed its withdrawal from Russia, the company announced on May 25, after transferring its shares in all joint ventures to state-owned Rosneft.

The transfers draw a line under Equinor’s three decades of working in Russia. Equinor announced it was leaving the country on February 28, four days after Moscow began its invasion of Ukraine. At the end of 2021 it was producing 25,000 barrels of oil equivalent per day (boepd) in the country, from assets valued at $1.2bn. 

In its statement on May 25, Equinor said it had transferred interests in four joint ventures in Eastern and Western Siberia to Rosneft, and had been released from all future commitments and obligations. It has also signed an agreement to sell its 30% interest in the Zarubezhneft-operated Kharyaga production-sharing agreement (PSA) in the northern Timan-Pechora basin.

Equinor did not say whether it had received any funds in return for its shares in the project. But it did say it would be booking a $1.08bn impairment charge in relation to its exit, which it noted had been completed in line with Norwegian and EU sanctions against Russia.

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