Equinor has agreed with Rosneft to buy a 49% interest in the limited liability company LLC KrasGeoNaC (KGN) which holds twelve conventional onshore exploration and production licenses in Eastern Siberia.

The payment at completion of the transaction is around  $550 million.

The North Danilovsky development is one of these 12 concessions, started production in July this year. Production is expected to reach 40,000 barrels of oil per day by 2024.

In accordance with Equinor and Rosneft 2018 agreement, Equinor will Cooperate with Rosneft on health, safety, and sustainability across the KGN assets.