BP (NYSE:BP) Partnering with Russia's Rosneft to Develop Continental Shelf

BP (NYSE:BP) announced Friday it is partnering with Russia's largest oil company Rosneft to develop artic resources under Russian control.

CEO Bod Dudley said the two companies will work in the Kara Sea, located in the northern part of Siberia.

BP has been eyeing Russia as a key component of their global strategy, have a cooperative deal in place since 2006, but having no real results from it until now.

At this time about 25 percent of BP's reserves come from Russian oil, at least before the Gulf of Mexico oil spill, so continuing to cooperate and work with Russia is vital to the interests of Bob Dudley and BP.

BP closed Friday at $49.25, gaining $1.71, or 3.60 percent.