Equinor is increasing its onshore presence in Russia with the acquisition of a 49% stake in petroleum assets from Rosneft in a deal worth $550 million (£411m).

It has bought the shares in KrasGeoNac (KGN), which holds 12 conventional onshore exploration and production licences in Eastern Siberia.

One of the developments – North Danilovsky – started production in July this year, with production expected to reach 40,000 barrels of oil per day by 2024 and plans to boost this to 70,000 barrels of oil per day.

As part of the agreement, Equinor has redirected its remaining exploration commitments offshore in the Sea of Okhotsk and is no longer participating in any activities there.

The company said: “Pursuant to the 2018 agreement between Equinor and Rosneft to co-operate on health, safety and sustainability, Equinor will collaborate with Rosneft in these areas across the KGN assets.”