The French oil and gas corporation TotalEnergies announced its intention to transfer its 20 percent stake in the Kharyaga (Kharyaginskoye) oil field development project to the Zarubezhneft oil firm. The transfer will take place in accordance with the principles and rules adopted by TotalEnergies on March 22, 2022 due to the sanction pressure on Russia. The company made this announcement in its press release on July 6, porarctic.ru reports in a news article.
The withdrawal from the owners of the Kharyaga oil field is part of the company’s policy regarding doing business in the Russian Federation, which provides for the transfer of the Russian assets to other players. In addition to the Kharyaga project, the talk is about the shares of Novatek (19.4%) and Terneftegaz (49%), the stakes in the Yamal LNG (20%) and Arctic LNG-2 (10%) projects.
Previously, TotalEnergies had already reduced its share in the Kharyaga project when in 2016, it transferred the function of its operator to Zarubezhneft and reduced its interest in the project from 40% to 20%.
In turn, for the Kharyaga oil production project, this decision of the French corporation means the final completion of the foreign participation in it. It is worth mentioning that earlier, the Norwegian oil and gas company Equinor that had a 30% stake in the Kharyaga project signed an agreement with Rosneft to withdraw from the project.
This event is an element of a new reality emerging in the Russia’s Arctic oil and gas production industry. This reality is characterized by a decrease in the role of Western companies in the joint projects being implemented in the Russian Arctic, and their partial “turn” to the East in terms of the nationality of their foreign participants and the direction of export flows.
The withdrawal from the owners of the Kharyaga oil field is part of the company’s policy regarding doing business in the Russian Federation, which provides for the transfer of the Russian assets to other players. In addition to the Kharyaga project, the talk is about the shares of Novatek (19.4%) and Terneftegaz (49%), the stakes in the Yamal LNG (20%) and Arctic LNG-2 (10%) projects.
Previously, TotalEnergies had already reduced its share in the Kharyaga project when in 2016, it transferred the function of its operator to Zarubezhneft and reduced its interest in the project from 40% to 20%.
In turn, for the Kharyaga oil production project, this decision of the French corporation means the final completion of the foreign participation in it. It is worth mentioning that earlier, the Norwegian oil and gas company Equinor that had a 30% stake in the Kharyaga project signed an agreement with Rosneft to withdraw from the project.
This event is an element of a new reality emerging in the Russia’s Arctic oil and gas production industry. This reality is characterized by a decrease in the role of Western companies in the joint projects being implemented in the Russian Arctic, and their partial “turn” to the East in terms of the nationality of their foreign participants and the direction of export flows.
