(Alliance News) - Rosneft Oil Co - the Russian oil company in which BP PLC holds a 20% stake - announced on Monday the sale of a 49% stake in Krasgeonats LLC to Norwegian energy group Equinor ASA for USD550 million.
Krasegonats holds 12 exploration and production licences in several areas of resources in Eastern Siberia, including Danilovsky, Preobrazhensky and Verkhneichersky.
Under the deal, Equinor will also undertake several obligations to fund exploration campaigns on the sites, while Krasegonats continues to develop the North-Danilovskoye field. The field's output is expected to plateau at 2 million tonnes of oil per year in 2024.
All other licence areas are in the exploration and appraisal stage.
Shares in BP were up 1.9% at 280.42 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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