Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Rosneft Selling Stake in ConocoPhillips Joint Venture

State oil major Rosneft is reversing its recent buying spree and selling its 50 percent stake in Polar Lights, a joint gas exploration venture with Houston-based energy corporation ConocoPhillips, Kommersant reported Wednesday.

Polar Lights, valued at between $120 million and $150 million, has poor commercial prospects — ConocoPhillips is also selling its 50 percent stake, a source familiar with the situation said.

Rosneft declined to comment on the sale, but the source said that the shares have already attracted interest from potential buyers.

Polar Lights was set up in 1992 in the Ardalin oil fields in the far northern Timan-Pechora basin. It was one of the first projects with foreign involvement to seek oil in what was a new field at the time.

However, extraction has dropped from 761,000 tons in 2010 to 567,000 tons in 2012 and production is unlikely to remain cost-effective beyond 2019.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more