More news is coming out concerning the deal between BP (NYSE:BP) and the largest oil company in Russia: Rosneft. The latest is the Russian oil giant has taken a 5 percent stake in BP common shares in exchange for approximately 9.5 percent of Rosneft.
BP and Russia have had a cooperation agreement in place since 2006, but this is the real first action that has been taken since then by the two entities.
According to BP, they said in a statement that it will "create strategic alignment to pursue joint projects and demonstrates mutual confidence in the growth potential of both companies."
Russia's Vladimir Putin has signed off on the deal, which BP's CEO Bob Dudley said will result in the development of the Kara Sea region in the Siberian North.
BP closed Friday at $49.25, gaining $1.71, or 3.60 percent.
Friday, January 14, 2011
Russia's Rosneft Acquires 5 Percent Stake in BP (NYSE:BP)
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1 comment:
It will be interesting to see if there are any oil or natural gas reserves worth pursuing. The United States Geological Survey recently downgraded the oil potential on the National Petroleum Reserve in Alaska by over 90 percent and the natural gas potential by 14 percent as shown in this article
:
http://viableopposition.blogspot.com/2011/01/national-petroleum-reserve-in-alaska.html
It is interesting to put the size of the estimated oil reserves of nearly 900 million barrels into perspective. At projected United States daily consumption of 19.4 million BOPD, the estimated reserves will last all of 46 days.
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