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.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Total Makes Significant Oil Find
- Dana Terminates Maersk Drilling Deal
- ENOG Takes Karish North FID
- NS2 Set to Finish Bulk of Work on One Line in June
- Feds Decline Comment on Exxon Permian Probe Report
- Leaking Pipeline Underscores Libya Production Challenges
- Demand Grows for Russia Flagship Crude
- Spirit Energy Contracts Rig for UKCS Infill Well
- Equinor to Test Floating Solar Off Froya
- Total Drops API Membership
- ADNOC Creates New Directorate
- Total Makes Significant Oil Find
- Ex-Shell Manager Joins Galp
- Equinor Bags Largest Ever US Offshore Wind Award
- Dana Terminates Maersk Drilling Deal
- Saudis Curb Crude Supplies to Some Buyers
- Subsea 7 Director Stevens Passes Away
- ENOG Takes Karish North FID
- Total Becomes French Leader in Renewable Gas
- NS2 Set to Finish Bulk of Work on One Line in June
- Executives Predict 2021-End Oil Price
- Biden Picks Energy Sec Nominee
- Shale Needs More to Boom Again
- Canada Gov Supports Hibernia Project
- Troops Fight Off Attack Near $20B LNG Project
- India Asked to Pay $1.2B to Cairn
- Pacific Drilling Expects Ch11 Emergence by End 2020
- Qatar and Four Arab States to Fully Restore Ties
- BLM Finalizes Alaska Activity Plan
- OGUK Reacts to Brexit Deal