BP to sell 50% TNK-BP stake to Rosneft

Oil giant BP has announced it plans to sell 50% of its share in TNK-BP to Russian oil and gas firm Rosneft for cash and shares. Under the agreement, the UK firm will get $17.1 billion (£10.7 billion) in cash and 12.84% stake in Rosneft. BP intends to use $4.8 billion (£3 billion) of the […]

BP to challenge Siberian court’s $3bn payout

British oil giant BP was today ordered to pay a Russian partner $3billion (£1bn) in damages by a Siberian court. The lawsuit against BP was brought by a group of minority shareholders in its venture TNK-BP. The oil firm has been told to pay up after the collapse of a deal to explore the Arctic […]

TNK-BP makes first move into Brazil

TNK-BP, the joint venture between Russian firm TNK and Britain’s oil giant BP, is making its first move into Brazil. Its subsidiary TNK-Brasil has signed a deal to buy 45% of the Solimoes Basin project near the Amazon. This stake in the 21 oil and gas exploration blocks, which cover an area of 48,500 square […]

Bailiffs raid BP Moscow office

Russian bailiffs have raided BP’s offices in Moscow on the orders of a Siberian court. The raid conducted by the Federal Bailiff Service followed a lawsuit against the oil giant by shareholders of one of its minor subsidiary companies. Some shareholders of TNK-BP Holding, led by Andrei Prokhorov, are claiming damages from BP after its […]

ExxonMobil and Rosneft break the ice on Arctic deal

ExxonMobil has snapped up a deal to explore the Arctic with Russian firm Rosneft. The firms signed over a $3.2 billion exploration programme planned for the Kara Sea and the Black Sea. Russian Prime Minister Vladimir Putin was present as Rosneft’s President and ExxonMobil Development’s President signed the deal. Rosneft will hold 66.7% interest in […]

BP takes £3.1bn hit to profits

BP today announced that it plans to resume the payment of quarterly dividends, which were suspended last June following Gulf of Mexico oil spill. The news comes as the oil major also reported a loss of £3.1bn, the first time it has suffered an annual loss since 1992. The bulk of the loss can be […]