French oil and gasoline agency TotalEnergies mentioned Wednesday it had pulled out of a Russian oil challenge.
Russian oil agency Zarubezhneft will take over its remaining 20 p.c stake within the Kharyaga challenge within the Arctic pending approval by Russian authorities.
No details about the monetary phrases of the transaction had been supplied.
TotalEnergies had already ceded a 20 p.c stake within the challenge and the position of operator to Zarubezhneft.
The Russian agency mentioned on its web site the Kharyaga oil challenge has produced greater than 20 million tonnes of oil since beginning operations in 1999 and had generated greater than $4 billion in income for the Russian authorities.
Following Russia’s invasion of Ukraine, TotalEnergies introduced it might cut back its exercise in Russia and booked a $4.1 billion impairment cost on one among its key gasoline initiatives within the nation.
It has promised to cease buying Russian oil and gasoline by the top of the yr, and make no additional investments there.
Russia is a crucial nation for TotalEnergies, producing 16.6 of its oil and 30 p.c of its gasoline there.