BP and Rosneft have refused an idea of joint exploration of the Arctic shelf.

BP and Rosneft have refused a joint exploration of the Arctic shelf according to the official press release. As it is explained in the British concern the deadline has expired on May 16th and both parties have failed to reach an agreement. This is the reason why there are no negotiations with Rosneft now.

"Since the stipulated conditions under Rosneft agreements  (January 14, 2011) aren't fulfilled the arrangements have become terminated," - announces BP press release. At the same time the British company points out that BP "remains committed to operating in Russia and constructive working with the AAR consortium under TNK-BP terms and good relations with Rosneft.

"TNK-BP - an excellent place to invest or all parties since 2003. And we are pleased that BP and AAR have agreed to overcome their differences in recent months and managed to concentrate on this important and successful business - adds Robert Dudley BP CEO. - At the same time we are looking forward to continue work with Rosneft in a joint venture in Sakhalin,  and to explore other future projects."

Previous material concerning the subject.

17 May 2011
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