BP (NYSE:BP) And Russia Entering Energy 'Cold War'?

There is no doubt the entirety of the story surrounding the battle between BP (NYSE:BP) and their Russian billionaire partners, who each own 50 percent of TNK-BP, has been told, as the situation, while tempered for the moment, appears to be still boiling underneath the surface.

It's unknown as to the real level of the conflict between the entities, as it isn't known what the actual issues are, other than the obvious irritation by the billionaires over BP attempting to deal with Russia's state-owned Rosneft.

One important narrative that has emerged from the event is what position of strength BP has in Russia, and whether or not they're caught in the middle of a power struggle between the Russian government and the Russian energy billionaires.

It appears the public face of the battle isn't what is at issue, referring to a proposed deal with Rosneft to drill in the Arctic, while also retaining their current Arctic-drilling deal with the billionaires via TNK-BP, although that is what launched the battle.

Is it as simple as the Russian billionaires contend, that BP has snubbed them for another partner? Are the Russian billionaires wanting to take a bigger position in TNK-BP, or own it altogether? Or is it, as some believe, a battle between the Russian government and the billionaires over the energy resources of the country? Nobody outside knows at this time.

For now is seems a lot of the feathers have been smoothed, but as mentioned, there are too many rumbles beneath the surface to believe the issue has been taken care of to the satisfaction of the participants.

More than likely this isn't the end of the fight, and some believe there has been irreparable harm between BP and the billionaires, something that could do a lot of damage to the value of BP if it escalates further, as the partnership accounts for about 33 percent of BP's oil production.

If BP is able to maneuver itself into working with both, it could be an extraordinary deal for them, which could result in billions of dollars in revenue and profits if they find the amount of oil they believe resides in the region.