British joint oil exploration agreement with Russia, the Arctic Oil and Gas

 BP and Russian oil companies announced the evening of 14 reached a share swap agreement, joint development of oil and gas resources in the Russian Arctic continental shelf.

By convention, the British Petroleum will hold a 9.5% share of Russian oil company, Rosneft holds a 5% stake in British Petroleum. Rosneft is Russia's state-owned enterprises. Russian Deputy Prime Minister   said the deal worth about 80 billion U.S. dollars.

British Broadcasting Corporation reported that the two sides will join the Russian Arctic shelf exploration of 50 million barrels of crude oil and 10 trillion cubic meters of natural gas, the exploitation of regional area of about 12.5 million square kilometers.

Rosneft President Hu on behalf of the Na Tuofu said Edward, the British oil joint venture will use advanced mining technology and experience, the two sides complement one another.

British Petroleum CEO  said it was the Russian-British oil and a historic moment,

Dudley said the experience of British Petroleum in 2010 many things, alluding to the Gulf of Mexico in April last year,

Dudley said the joint venture with Russia to bring his

Last November the British oil spill aftermath of the Gulf of Mexico raised the estimated cost 40 billion U.S. dollars. To raise capital, sell its assets, British Petroleum, agreed upon billions of dollars on the sale of assets transaction.