TotalEnergies pulls out of Russian oil project

French oil and gas company TotalEnergies said on Wednesday it had pulled out of a Russian oil project.

Russian oil company Zarubezhneft will take over its remaining 20% ​​stake in the Kharyaga project in the Arctic pending approval from Russian authorities.

No information on the financial terms of the transaction was provided.

TotalEnergies had already sold a 20% stake in the project and the role of operator to Zarubezhneft.

The Russian company said on its website that the Kharyaga oil project has produced more than 20 million tons of oil since operations began in 1999 and generated more than $4 billion in revenue for the Russian government.

Next the invasion of Ukraine by Russia, TotalEnergies announced that it would reduce its activity in Russia and recorded a $4.1 billion impairment charge on one of its major gas projects in the country.

He promised to stop buying Russian oil and gas by the end of the year and to stop investing in them.

Russia is an important country for TotalEnergies, which produces 16.6% of its oil and 30% of its gas there.

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