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Saturday
Jan152011

BP Teams with Russia-Based Rosneft Energy

Photo Courtesy - JIM WATSON/AFP/Getty Images(LONDON) -- Oil giant BP has announced a long-term deal with Russia's state-run energy firm to explore and eventually drill in the Arctic.

The deal with Russia-based Rosneft was made to explore vast expanses of untapped land and water in the Arctic in search of oil and natural gas.

“Cross-investment between countries and companies is what brings together cooperation and changes the way everyone operates there,” BP CEO Bob Dudley said.

“This is an opportunity to work with Rosneft in the country that produces the most oil in the world,” said Dudley, “in an area that can bring our exploration expertise to play.”

Dudley said the deal is a great fit for both companies, and that it's impossible to compare this effort to the company’s operations in the Gulf of Mexico.

“It's a different climate.  This is not deep water,” said Dudley. “This is shallow water. It's very cold. It requires the kind of experience that we have from operating in Alaska.

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