Positive Environment News

Russia's Rosneft Says BP Will Book Arctic Reserves

Date: 20-Jan-11
Country: RUSSIA
Author: Vladimir Soldatkin

Russia's Rosneft Says BP Will Book Arctic ReservesPhoto: Reuters/Luke MacGregor

BP chairman Carl-Henric Svanberg (L) shakes hands with Rosneft president Eduard Khudainatov at BP headquarters in London January 14, 2011.
Photo: Reuters/Luke MacGregor

Russia's largest oil producer Rosneft said BP will be able to book reserves in the companies' joint venture to drill for oil in Russia's Arctic Kara Sea, the firm's President said on Thursday.

"BP will be able to book reserves from the project in the Arctic," Rosneft's Eduard Khudainatov told journalists.

He said the equity swap between Rosneft and British major BP in which BP will swap 5 percent of its shares with Rosneft in return for 9.5 percent of the Russian company, will be completed in three to four weeks.

Khudainatov also said Rosneft could consider other foreign partnerships to develop its other offshore license blocks in Russia.

(Editing by John Bowker)

© Thomson Reuters 2011 All rights reserved

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