“Russia is increasingly looking east and the various deals made between Rosneft and China are likely to see more Russian crude head to China permanently,” an analyst told Bloomberg.
The company plans to more than double its oil and gas production from overseas fields in four years.
Russia relies on companies including ExxonMobil, BP, Halliburton and Schlumberger for the latest technology and expertise.
The Obama administration’s targets include OAO Rosneft, OAO Novatek, OAO Gazprombank and eight defense firms.
At 20%, BP holds the single biggest foreign investment in Russia.
Oil is now flowing from the last of three shallow water but very harsh environment fields developed by ExxonMobil in the sub-Arctic Sakhalin area off the east coast of Russia.
The exit from Russia comes about five years after ConocoPhillips sold its biggest sole asset in Russia, a stake in Lukoil, for $9.5 billion.
Rosneft has completed its deal to sell a 20% share of Taas-Yuryakh Neftegazodobycha LLC to BP, according to a news release.
Denis Khramov, the first deputy minister, said the Erginskoye oil field could be auctioned in the first or second quarter of 2016, adding he expected the sale to draw high interest from producing companies.
The government has recently recommended the agency speed up large asset sales irrespective of market conditions, she added.
India imports about 80 percent of its crude needs and has mandated its oil firms to acquire oil and gas assets overseas in a bid to cut an oil import bill running in billions of dollars.
Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
According to a Reuters poll, Russian oil production in 2016 should rise to new post-Soviet yearly average high of 10.78MMbbl/d, as new fields come online and production costs stay lower.
It rose by 3.5% from a year-ago period thanks to higher output at its West Qurna-2 oilfield in Iraq, as well as in Timan-Pechora, Perm and Caspian regions in Russia.
The well is currently producing at a rate of 16.3 MMcf/d through a 27/64-in. choke, with a flowing wellhead pressure of 3,370 psi, JKX Oil & Gas said in a news release.
Output rose from 10.68 MMbbl/d in August and eclipsed the previous record of 10.71 MMbbl/d reached earlier this year, adding to a global glut that has battered oil prices.
Chornomornaftogaz said it had moved the two rigs, worth 25 billion rubles (US$357 million), into Russian territorial waters, Reuters reported. Russia annexed Crimea from Ukraine last year.
"We have already applied and are waiting for a decision," said Mohamed Zayed Awad, Sudan’s oil and gas minister, according to Russia’s RIA news agency, Reuters reported.
DEA Group and LetterOne didn’t give financial details, but a LetterOne spokesman confirmed the sale. In April, Britain's Energy Ministry gave Fridman six months to dispose of fields, Reuters said.
In response to the offer, the board formed a special committee comprised of the Lord Clanwilliam, who serves as chairman; Dr. Alexander Shokhin and Dr. Igor Belikov to negotiate on behalf of the board with assistance from advisers. The offer comes after a proposed merger with Schlumberger collapsed.
Yuri Shafranik, a former Russian energy minister, also said the private company had frozen its two onshore oil and gas projects in the country, Reuters said.