BP frozen out in Russian Arctic

US oil giant ExxonMobil has shown BP how it's done in Russia by tying up a multi-billion dollar deal to explore the Arctic with Russian state-controlled Rosneft.

US oil giant ExxonMobil has formed a $3.2bn partnership to explore the Arctic Ocean with Russia's state-controlled oil group Rosneft. Estimates suggest that the Arctic holds around 25% of the world's undiscovered oil and gas. The tie-up ends BP's hopes of exploring the Arctic with Rosneft, a venture announced earlier this year. Shareholders in TNK, BP's joint venture partners in Russia, thwarted that deal. Bailiffs raided BP's Moscow offices this week. The search was related to a lawsuit by shareholders in TNK-BP.

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