ConocoPhillips Sells Stake in JV with Rosneft, Exits Russia
Dec 22 (Reuters) - U.S. oil and natural gas producer ConocoPhillips has sold its 50 percent stake in a joint venture with Russian state oil company Rosneft, a ConocoPhillips spokesman said.
The exit from Russia comes about five years after ConocoPhillips sold its biggest sole asset in Russia, a stake in Lukoil, for $9.5 billion. (http://reut.rs/1QI1Otz)
ConocoPhillips was left with the Polar Lights JV in Russia after it sold a 30 percent interest in another joint venture to partner Lukoil in 2012.
The Financial Times reported the stake sale on Tuesday. (http://on.ft.com/1QHYv5Q)
ConocoPhillips spokesman Kris Sava said the company sold its stake to Trisonnery Asset Ltd.
Rosneft also sold its stake in the Polar Lights joint venture last week, in a deal that valued the business at about $150 million-$200 million, the FT reported citing a person with knowledge of the matter.
The joint venture had been bought by a company owned by the Khotin family in Russia, the FT reported, citing a person familiar with the deal.
Total oil production at the Polar Lights JV has been falling, and was at 8,200 barrels per day last year. This represents 0.5 percent of 1.5 million barrels of oil equivalent per day in total production reported by ConocoPhillips that year. (Reporting by Amrutha Gayathri in Bengaluru and Vladimir Soldatkin in Moscow; Editing by Shounak Dasgupta)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Romania Closes One Case Against Russia's Lukoil, Related Trial Still On (Nov 17)
- Transneft: Oil Supplies to Lukoil's Norsi Refinery Suspended Due to Fire (Oct 05)
- Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
Company: ConocoPhillips more info
Operates 12 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)