BP working out new cooperation proposals: Rosneft
18 May 2011
According to Russia's state-run oil firm Rosneft, it had received new cooperation proposals from BP after the collapse of their joint Arctic exploration agreement this week.
The Russian giant did not disclose details nor did it make clear whether this included a potential new Arctic agreement covering joint exploration of Russia's northern reserves.
According to a statement, the offers were made as the two sides sought to work a way out of a dispute between BP and its TNK-BP Russian joint venture which aborted the $16 billion deal.
"As a result of the negotiations... Rosneft has received proposals going outside the framework of previously concluded agreements," the Rosneft statement said.
According to Rosneft the discussion on the offers did not require the extension of the Monday deadline of the original agreement.
"These proposals make it possible to discuss further cooperation outside the framework of the already lapsed agreement," Russia's biggest oil producer said.