ConocoPhillips has officially exited Russia after unloading its stake in the Polar Lights joint venture in Western Siberia.

According to CNN, the Houston-based company confirmed last Tuesday that it sold its 50 percent stake in the project to Trisonnery Asset Limited.

Polar Lights is a joint venture started by ConocoPhillips and Russia’s Rosneft in 1992.

The company has not disclosed the financial terms of the deal.

Production attributed to the project’s main field, known as Ardalin, has been steadily dropping and fell to 8,200 barrels per day in 2014, Upstream said.

Last week, state-owned Rosneft sold its 50 percent stake in the joint venture to an unnamed buyer.

A source familiar with the matter told the Financial Times that the Rosneft deal is worth between $150 million to $200 million.

Rosneft has not commented on the deal.

Conoco’s sale marks its exit from Russia after 25 years of operating in the oil rich country.

Western oil firms have been rolling back their Russian commitments as weak economic growth, maturing fields and several waves of sanctions make investments in the country more risky.

ConocoPhillips slashed its 2016 capital budget by 25 percent earlier this month, citing “lower major project spending, deflation capture and efficiency improvements.”

The company also announced that it expects to close $2.3 billion of non-core asset sales this year.


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