The Spanish Repsol leaves the oil production business in the Russian Federation. The company will sell its stakes in the oil assets of Evrotek-Yugra and ASB Geo to its Russian partner, Gazprom Neft.
The deal is likely to be closed by the end of the year, and its amount will be “symbolic”, writes Kommersant .
Experts believe that Repsol is leaving the Russian oil and gas industry as part of the company’s announced goal of an overall reduction in investment in hydrocarbons.
At the beginning of 2021, Repsol had 68% in the joint venture with Gazprom Neft, Evrotek-Yugra, and 50.01% in ASB Geo.
Repsol’s most notable work in Russia was in early 2010, when the company formed a large production JV with Alliance Oil, then owned by the Bazhaev family. In 2013, a joint venture called AROil & Gaz (AROG, Repsol’s share is 49%) owned assets worth $ 885 million in Tatarstan (Tatnefteotdacha), Samara Region (Saneko) and Khanty-Mansi Autonomous Okrug (Evrotek). In the same years, Repsol consolidated a number of oil assets in the Khanty-Mansi Autonomous Okrug as part of Evtotek-Yugra.