TotalEnergies condemned what it called Moscow's military aggression in Ukraine but stopped short on Tuesday of joining rivals Shell and BP in planning to exit positions in resource-rich Russia.
The French oil major, which holds a 19.4% stake in Novatek
"We are somewhat surprised that TTE didn't follow Shell and BP and signal intentions to exit Russia," said RBC equity analyst Biraj Borkhataria. Russia constituted 24% of TotalEnergies proven reserves and 17% of its oil and gas production in 2020. The Yamal LNG project in northern Russia launched production in late 2017.
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