Russian 'Russneft' Exits Its Assets in Azerbaijan

The Russian company 'Russneft' has removed from its structure the companies that control its assets in Azerbaijan, according to an updated list of the oil company's branches. The document excludes any connection between the company and GEA Holdings Ltd., which participates in a number of production sharing agreement projects with the Azerbaijani State Oil Company, reports Interfax.

Specifically, through GEA, 'Russneft' has been involved in the development of the Apsheron, Binagadi, Neftchala, and Shirvan fields. Thus, there are no foreign production assets left. The company's extraction volumes in Azerbaijan have not been disclosed in recent years' reports, however, in 2019, 'Russneft' announced its intention to extract about 500 thousand tons of oil.