BP rivals circle as Rosneft deal axed

Marion Dakers
BP’S RIVALS are circling Russian firm Rosneft after the oil group’s historic plan to gain access to the Arctic oil reserves finally collapsed yesterday.

BP’s difficulties with Russian partner AAR have not deterred Chevron, Shell and Exxon, who yesterday all said they were in talks with Rosneft over a variety of new projects.

Exxon and Shell narrowly missed out when Rosneft was picked for a £10bn share swap in January. While the companies would not confirm their interest in the South Kara Sea fields pursued by BP, industry insiders said Rosneft remain keen to find a partner with expertise in offshore drilling.

BP will meet with the Russian oligarchs who scuppered the deal at a board meeting of their joint venture TNK-BP to be held tomorrow.