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Equinor buys 49% stake in Russian oil venture

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Equinor has agreed to buy a 49 per cent interest in Russian onshore petroleum assets from Rosneft for $550 million, the Norwegian oil company said.


The payment is for a stake in limited liability company LLC KrasGeoNaC (KGN), which holds 12 conventional onshore exploration and production licences in eastern Siberia, Equinor said.


One of the 12 licences covers the North Danilovsky development, which started operations in July and is expected to produce 40,000 barrels of oil per day (bpd) by 2024, with subsequent plans to increase this to 70,000 bpd, it added. — Reuters


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