Reports: ConocoPhillips Exits Russia After Sale Of Joint Venture Stake

(RTTNews) - ConocoPhillips (COP) has sold its 50 percent stake in a Russian joint venture and quit the country after nearly 25 years, according to media reports on Tuesday.

ConocoPhillips has reportedly sold its stake in the Polar Lights joint venture with Russian state oil company OAO Rosneft (ROSN.L) to Trisonnery Asset Ltd. for an undisclosed amount. Rosneft is also said to have sold its 50 percent stake in the joint venture last week.

The Polar Lights joint venture, which is focused on the far north-west of Russia, has recorded a fall in total oil production. In addition, the fall in oil prices and the impact of political tensions on Russia's energy sector have also reportedly prompted ConocoPhillips' decision to exit Russia.

ConocoPhillips sold its biggest sole asset in Russia, a 20 percent stake in OAO Lukoil Holdings, in 2010. The company has also sold a 30 percent stake in a joint venture with Lukoil in 2012 and another stake in Kazakhstan's Kashagan field in 2013.

ConocoPhillips has been seeking to sell non-core assets and cut costs amid the fall in crude oil prices. In early December, ConocoPhillips said it expects to close about $2.3 billion of non-core asset sales.

The figure includes approximately $0.6 billion from transactions that closed through the first three quarters of 2015. The remaining $1.7 billion represents transactions with definitive agreements in place that are expected to close in the fourth quarter of 2015 or the first quarter of 2016.

COP closed Tuesday's regular trading session at $46.28, up $1.18 or 2.62 percent on a volume of 10.36 million shares. In after-hours, the stock further gained $0.32 or 0.69 percent to $46.60.