BP and Russia in Arctic oil deal
 

BP has signed a joint venture with Russian energy firm Rosneft to exploit potentially huge deposits of oil and gas in Russia's Arctic shelf.The "strategic global alliance" will see the firms exchange expertise in exploring the region.As part of the deal Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares.

It is BP's first deal since the Deepwater Horizon spill last year, which cost it billions.

The BP shares stake is worth just under $8bn (£5bn).

"BP executives see this as the first piece of good news since that disastrous oil spill in the Gulf of Mexico last April," said the BBC's business editor Robert Peston.

http://www.bbc.co.uk/news/business-12195576


Note: 14 January 2011 Last updated at 23:29 GMT

Yep lets get drilling, the Arabs are running out now, thats why there switching to the hotel/leisure industry catering for the super rich.

I only hope everyone has learnt a lesson from the Gulf Of Mexico because there simply won't be the resources to tackle such an emergency in that area.