Russian govt orders transfer of Equinor, TotalEnergies stakes in Kharyaga PSA to Zarubezhneft

MOSCOW. July 26 (Interfax) - The Russian government has ordered that the stakes of TotalEnergies and Equinor in the Kharyaga PSA be transferred to Zarubezhneft, according to the order of the Cabinet of Ministers.

A corresponding instruction to sign an addendum to the PSA was given to Energy Minister Nikolai Shulginov.

Zarubezhneft's stake will increase to 90% once the document has been signed, and Nenets Oil Company will retain the remaining 10% stake.

The volume of production at the Kharyaga PSA totaled 1.56 million tonnes of oil in 2021. Zarubezhneft-Dobycha Kharyaga is the field operator, and prior to the foreign companies' announcing their exit from the project, its stake was 40%. The share of TotalEnergies was 20%, Equinor was 30%, and Nenets Oil Company was 10%.

In total, three agreements are being implemented in Russia based on PSA: Kharyaga PSA, Sakhalin-1, and Sakhalin-2.