BP’s hopes dashed as Rosneft signs deal with Exxon

31st August 2011

The Guardian reports that the deal was signed in the presence of Russian prime minister Vladimir Putin, and  "dashes any hopes that BP had of reviving its own deal with Rosneft that was blocked in May by its billionaire partners in an existing Russian venture."

Under the deal, Exxon and Rosneft will invest $3.2bn (£1.9bn) in developing East Prinovozemelsky Blocks 1, 2, and 3 in the Arctic Kara Sea and the Tuapse licensing block in the Black Sea.

"The fact that after the BP-Rosneft deal collapsed a new partner was found so quickly is a very positive signal," said Denis Borisov, energy analyst at Bank of Moscow.

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