"Oil and Gas Majors Race Out of Russia"

"In the span of 24 hours, BP, Equinor, and Shell have all announced they'll pull out of the region."

"It’s a race to the door for oil and gas companies with operations in Russia. Over the past 24 hours, three major international oil companies—BP, Equinor, and Shell—have publicly announced they will get out of the Russian oil business in response to Russia’s war against Ukraine.

In what is perhaps the most significant move, oil giant BP said Sunday that it would cut ties with Rosneft, Russia’s national oil and gas company. BP has owned a nearly 20% stake in the company, worth $14 billion, since 2013, making it one of the largest shareholders. BP CEO (and big LinkedIn commenter) Bernard Looney and former CEO Robert Dudley will also step down from Rosneft’s board. (Looney, by the way, hung out with Putin back in October, where he was on a panel with the Russian president that he later called a “privilege.”)

The oil company has been operating in Russia for close to 30 years, and Rosneft is pretty influential. Rosneft comprises around a third of BP’s oil and gas assets and half of the company’s oil and gas production. All that fossil fuel adds up: BP will take a roughly $25 billion hit thanks to its choice to divest. (The company hasn’t said how it plans to fund this transition.)"

Molly Taft reports for Earther February 28, 2022.

Source: Earther, 03/01/2022