After months of talks and negotiations, BP (NYSE:BP) and Russia have come to agreement on drilling for offshore oil in the Arctic, opening up a potentially huge reserve of oil to both parties.
With Russia depending heavily on oil production for its exports, Prime Minister Vladimir Putin said BP is the best oil company to work with, citing the lessons they learned from the oil spill in the Gulf of Mexico.
Most of the exploratory drilling will probably happen in the region of the Kara Sea, according to Russian authorities. Drilling in the region has revealed significant amounts of natural gas and oil deposits.
Specifics of the deal will be released sometime soon, including specific areas and time frames.
BP closed Tuesday at $47.05, gaining $0.36, or 0.77 percent.
Wednesday, February 16, 2011
BP (NYSE:BP), Russia in Arctic Drilling Deal
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1 comment:
still trying to trick people into here to make money. Do something else.
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