BP (NYSE:BP), Rosneft Looking Outside Russia for Project

Hot off of signing a joint deal in the Russian Arctic, BP (NYSE:BP) and Rosneft, according to RIA Novosti, are apparently looking for a project to work together outside of Russian waters.

The parameters of the new project would be about the same as those that will be used for offshore drilling in the Kara Sea.

What the companies want to do is use the new project as a means to test their operations and technology before implementing it in the Arctic.

They want the conditions surrounding the project to be similar to the harsh conditions they'll face in Russian waters.

BP and Rosneft have agreed to develop three blocks in the Russia Arctic Ocean, identified as East Prinovozemelsk-1, 2 and 3. Reserves are estimated at five billion metric tons of oil and 10 trillion cubic meters of natural gas.

BP closed Friday at $47.61, up $0.04, or 0.08 percent.