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ConocoPhillips sells its stake in Rosneft’s Polar Lights JV

August 01, 2014, 21:08 UTC+3 HOUSTON
1 pages in this article

HOUSTON, August 01. /ITAR-TASS/. ConocoPhillips, the U.S. third largest integrated energy company, is selling a 50-percent stake in its joint venture with Russia’s Rosneft called Polar Lights, an official representative of the company told ITAR-TASS on Friday.

The representative said ConocoPhillips had put its stake in the JV for sale as a non-strategic asset in the company’s global portfolio. He did not say however whether any company had demonstrated interest to this asset.

No comment has come from Russia’s Rosneft.

According to earlier reports, ConocoPhillips said in July it was ready to observe sanctions imposed by the U.S. authorities against a number of Russian individuals and companies. In the mean time, the company did not say then how the sanctions might impact its business in Russia and its joint project with Russia’s Rosneft.

In the recent years, ConocoPhillips has dramatically decreased its investments in Russia. The company operates no fields.

Set up in 1992, Polar Lights is active in the Ardalin oil fields in the far northern Timan-Pechora basin. Initially, its recoverable oil reserves were estimated at 16 million tonnes. But Polar Lights is ranked a spent project, with oil production going down. Whereas in 2010, its oil output was about 761,000 tonnes, in 2012 it dropped to 567,000 tonnes.

The mass media reported in February 2014 that the U.S. company was planning to market its share in this asset.

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