BP will exit its stake in Rosneft
BP, Equinor and Shell heap pressure on peers
The firms’ Russian exits will make remaining in the country difficult to justify for other IOCs
The decisions by BP, Shell and Norway’s Equinor to quit their Russian oil and gas businesses in response to the invasion of Ukraine have seen continuing licence to operate placed above immediate economics. It will now be very difficult for other IOCs, particularly those based in an angry and almost uniformly pro-Ukraine Europe, to resist calls for them to follow suit, even if they might be more reluctant to do so. BP will exit its stake in Russian oil company Rosneft, while Norway’s Equinor is to start withdrawing from its joint ventures (JVs) in Russia—which arose mainly from a 2012 cooperation agreement with Rosneft and had a value of c.$1.2bn at the end of 2021, according to Spanish bank
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
