On July 25, the Government of the Russian Federation instructed the Ministry of Energy to sign an addendum to the Agreement on the development and production of oil on a production sharing basis, which provides for the transfer to JSC Zarubezhneft of the share of French TotalEnergies and Norwegian Equinor (former Statoil) in the Kharyaginskoye oil field.
The addendum will provide for the transfer of 30% of all rights and obligations of the investor by the Norwegian company Statoil Kharyaga AS to Zarubezhneft JSC, the transfer of 20% of all rights and obligations of the investor by the French joint-stock company TotalEnergies EP Russie to Zarubezhneft JSC the rights and obligations of the investor under the Agreement.
The share of AS Zarubezhneft will thus increase from 40% to 90%, while the Nenets Oil Company will retain 10%.
TotalEnergies and Equinor had previously decided to stop investing in Russia and pull out of Russian joint ventures.
Nadmitov, Ivanov & Partners Law Firm actively advises clients in the energy, oil and gas industry.