French oil and gas firm TotalEnergies said Wednesday it had pulled out of a Russian oil project.
Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending approval by Russian authorities.
No information about the financial terms of the transaction was provided.
TotalEnergies had already ceded a 20 percent stake in the project and the role of the operator to Zarubezhneft.
The Russian firm said on its website the Kharyaga oil project has produced more than 20 million tonnes of oil since starting operations in 1999 and had generated more than $4 billion in revenue for the Russian government.
Following Russia's invasion of Ukraine, TotalEnergies announced it would reduce its activity in Russia and booked a $4.1 billion impairment charge on one of its key gas projects in the country.
It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there.
Russia is an important country for TotalEnergies, producing 16.6 of its oil and 30 percent of its gas there, Moscow Times reports.
See all the news
What regime of sanctions applies to Russian oil and what requirements Georgia has to comply?
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
#TheCheckpoints: The Professional - Demnagram_Story of Saba Bakhia
#პროფესიონალი: საბა ბახია
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
ყველაზე სანქცირებული რუსი ოლიგარქები
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
OECD formally terminates the accession process of Russia
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly