The Telegraph
For Western energy giants, escaping Russia has become the longest goodbye
Not long ago oil and gas companies were scrambling to get into Russia, rather than out
Shell has had ties to Russia since 1912 after buying the Rothschild family’s interests there. More recently, its partnership with Russia’s state gas giant Gazprom has helped it access vast gas reserves in Russia’s far east.
It, too, hung on even after having to cede control of the $22bn [£19bn] Sakhalin-2 gas facility to Russia in 2006 following months of Kremlin pressure.
Shell’s boss, Ben van Beurden, met Putin in April 2014, shortly after Russia’s annexation of Crimea, to tell him they wanted to expand the project. Equinor, meanwhile, entered Russia in the 1990s and ten years ago struck a major exploration deal with Rosneft as the two Arctic powers forged closer ties.
By the start of the war, foreign companies covered about 11pc of Russia’s oil and gas production, according to James Henderson, at the Oxford Institute for Energy Studies. BP, TotalEnergies, Wintershall Dea, Shell and India’s Oil and Natural Gas Corporation were the largest. read more
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