Rosneft Oil Co. said Monday that it has sold a 49% stake in a portfolio of East Siberian oil projects to Norwegian oil major Equinor ASA.

The Russian oil company said the deal for 49% of Krasgeonats LLC, the holder of 12 exploration and production licenses in Eastern Siberia, is valued at around $550 million.

As part of the deal, Equinor will undertake a range of obligations to fund exploration campaigns on the sites, subject to the terms of the agreement and a number of other payments.

Rosneft said Krasgeonats will continue to develop the North-Danilovskoye field, which is part of the transaction and is expected to deliver plateau production of 2 million metric tons of oil per year in 2024. The rest of the licenses are either in the exploration or appraisal stage.</p