More Western-based oil companies end business with Russia

Britain Shell
Posted at 12:52 PM, Mar 01, 2022

More oil companies are pulling business out of Russia.

Shell, Total and Norway state-owned energy company Equinor are the latest companies to exit business with Russia.

BP announced it ended its shareholding in Rosneft on Sunday.

Rosneft is Russian state-owned oil firm.

BP said it has held a nearly 20% shareholding since 2013.

Both of the company’s nominated directors, including CEO Bernard Looney, will immediately resign from the Rosneft board and BP “will no longer report reserves, production or profit for Rosneft.”

BP could be charged as much as $25 million for ending its business in Russia.

Shell announced it is ditching its joint ventures with Gazprom, a Russian state-owned energy company.

Shell, which is based in the United Kingdom, said it will end its 27.5% state in the Sakhalin-2 liquified natural gas facility, its 50% stake in a project to develop the Salym fields in Siberia and its 50% interest in an exploration project in Siberia.

TotalEnergies, which is headquartered in France, said it will no longer invest in new projects in Russia.

It refrained from saying it would end current production.

Equinor, the second major oil and gas producer in Europe, announced it will exit Russia this week.

"We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world," said Anders Opedal, president and CEO of Equinor in a statement.

The Norwegian company plans to begin divesting soon.

It expects the divestment to result in impairments.