ConocoPhillips leaves Russian oil sector

ConocoPhillips has exited the Russian oil sector with the sale of its stake in a field that was one of the first foreign energy investments after the disintegration of the Soviet Union.

The company had been searching for a buyer for its 50 percent share of the Polar Lights field in northwestern Russia for more than 18 months as output slumped and international sanctions made it harder for U.S. companies to operate in Russia. The company sold its stake to Trisonnery Asset Ltd., said Kris Sava, a ConocoPhillips spokesman.

The sale is the final crumb from a Russian empire that once included a 20 percent shareholding in Russia’s second-largest oil producer, Lukoil PJSC.

Bloomberg News

This story was originally published December 24, 2015 at 11:39 AM with the headline "ConocoPhillips leaves Russian oil sector."