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Equinor has increased its onshore presence in Russia via an approximately US$550 million deal with Rosneft. Equinor (NYSE: EQNR) reported late last week that it has increased its onshore presence in Russia via an approximately US$550 million deal with Rosneft (OTCMKTS: OJSCY). According to Equinor, it has acquired a 49-percent interest in the limited liability company LLC KrasGeoNaC (KGN). KGN owns 12 conventional onshore exploration and production licenses in Eastern Siberia, Equinor explained. “As part of this agreement, Equinor has redirected its remaining exploration commitments offshor...

Equinor buys 49% stake in Russian oil exploration venture from Rosneft It has bought the shares in KrasGeoNac (KGN), which holds 12 conventional onshore exploration and production licences in Eastern Siberia Image: II.studio/Shutterstock Equinor is increasing its onshore presence in Russia with the acquisition of a 49% stake in petroleum assets from Rosneft in a deal worth $550 million (£411m). It has bought the shares in KrasGeoNac (KGN), which holds 12 conventional onshore exploration and production licences in Eastern Siberia. One of the developments – North Danilovsky – started prod...

Nora Buli, Reuters Your browser does not support the audio element. Equinor ASA has agreed to buy a 49% interest in Russian onshore petroleum assets from Rosneft for $550 million, the Norwegian oil company said on Dec. 11. The payment is for a stake in limited liability company LLC KrasGeoNaC (KGN), which holds 12 conventional onshore exploration and production licenses in eastern Siberia, Equinor said. One of the 12 licenses covers the North Danilovsky development, which started operations in July and is expected to produce 40,000 bbl/d of oil by 2024, with subsequent plans to increase this...

Equinor has completed an agreement with Rosneft that increases its onshore presence in Russia and redirected its remaining exploration commitments offshore.

Equinor buys 49% stake in Russian oil venture from Rosneft Source: Reuters The payment is for a stake in limited liability company LLC KrasGeoNaC (KGN), which holds 12 conventional onshore exploration and production licences in eastern Siberia, Equinor said. One of the 12 licences covers the North Danilovsky development, which started operations in July and is expected to produce 40,000 barrels of oil per day (bpd) by 2024, with subsequent plans to increase this to 70,000 bpd, it added. The deal also meant Equinor was no longer participating in offshore activities in the Sea of Okhotsk. “We...