TotalEnergies withdraws from Russian oil project

French TotalEnergies oil and gas company has announced about withdrawal from the Russian Kharyaga oil project due to sanctions against Russia.

The company agreed to transfer its share in the field to the Zarubezhneft state company, RBC-Ukraine reports with reference to Reuters. 

TotalEnergies plans to transfer the 20 per cent stake that remains in the Kharyaginskoye oil field to Zarubezhneft.

This was the company's first major withdrawal from the group of shareholders in Russia after the imposition of sanctions.

"This deal is to be approved by the Russian authorities," a spokesman for the company said.

According to the agreement, TotalEnergies received about 100,000 tons of oil for export every month.

The French oil and gas company has been involved in the project for 20 years along with the Norwegian Equinor company, which left it in early 2022.