BP could be handed a second shot at exploring for oil offshore in the Arctic with Russia's Rosneft, in a possible tie-up through its joint venture TNK-BP.
The British company attempted a deal with the state-controlled Rosneft in 2011 but bypassed its joint venture – leading to the deal collapsing in legal wrangling when BP's Russian oligarch partners in TNK-BP objected.
But, in what may appear a coup for the oligarchs, TNK-BP has been invited by Rosneft to consider exploring together in the region of vast, largely untapped oil reserves. It plans to begin talks with the Russian state-owned company soon.
"Upon receiving Rosneft's invitation to participate in the Arctic projects, we responded with a letter confirming TNK-BP's interest," Chris Einchcomb, TNK-BP's senior vice president of exploration and appraisal told Dow Jones.
"We look forward to starting working group meetings with Rosneft in the nearest future." His comments came as Rosneft announced an Arctic oil partnership with Norway's Statoil and follows Rosneft confirming major Arctic exploration deals with ExxonMobil and ENI in the past month.
The wave of deals has been spurred by Russian President-elect Vladimir Putin's announcement last month of improved tax terms and other incentives to encourage exploration in remote areas.
Since the collapse of the Rosneft deal, BP has tried to play down the significance of the Russian Arctic, insisting it has plenty of exploration opportunities elsewhere and could access the Arctic through other countries.
But on Saturday a BP spokesman in Moscow told Dow Jones: "BP remains interested in participating in Arctic projects in Russia and in the rest of the world."
BP's London spokesman added: "We understand that Rosneft has sent a letter inviting several companies, including TNK-BP, to participate in Arctic projects."
It was unclear last night whether the terms of any TNK-BP deal with Rosneft would be comparable to those it has signed with Exxon, ENI and Statoil.
Rosneft President Eduard Khudainatov said on Saturday that, as well as TNK-BP, another company, LUKOIL, had indicated interest in the offer. If firm plans for a TNK-BP deal with Rosneft develop, they would then be brought to the TNK-BP board for BP and the venture's other shareholders to consider.
telegraph.co.uk
The British company attempted a deal with the state-controlled Rosneft in 2011 but bypassed its joint venture – leading to the deal collapsing in legal wrangling when BP's Russian oligarch partners in TNK-BP objected.
But, in what may appear a coup for the oligarchs, TNK-BP has been invited by Rosneft to consider exploring together in the region of vast, largely untapped oil reserves. It plans to begin talks with the Russian state-owned company soon.
"Upon receiving Rosneft's invitation to participate in the Arctic projects, we responded with a letter confirming TNK-BP's interest," Chris Einchcomb, TNK-BP's senior vice president of exploration and appraisal told Dow Jones.
"We look forward to starting working group meetings with Rosneft in the nearest future." His comments came as Rosneft announced an Arctic oil partnership with Norway's Statoil and follows Rosneft confirming major Arctic exploration deals with ExxonMobil and ENI in the past month.
The wave of deals has been spurred by Russian President-elect Vladimir Putin's announcement last month of improved tax terms and other incentives to encourage exploration in remote areas.
Since the collapse of the Rosneft deal, BP has tried to play down the significance of the Russian Arctic, insisting it has plenty of exploration opportunities elsewhere and could access the Arctic through other countries.
But on Saturday a BP spokesman in Moscow told Dow Jones: "BP remains interested in participating in Arctic projects in Russia and in the rest of the world."
BP's London spokesman added: "We understand that Rosneft has sent a letter inviting several companies, including TNK-BP, to participate in Arctic projects."
It was unclear last night whether the terms of any TNK-BP deal with Rosneft would be comparable to those it has signed with Exxon, ENI and Statoil.
Rosneft President Eduard Khudainatov said on Saturday that, as well as TNK-BP, another company, LUKOIL, had indicated interest in the offer. If firm plans for a TNK-BP deal with Rosneft develop, they would then be brought to the TNK-BP board for BP and the venture's other shareholders to consider.
telegraph.co.uk
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