BP Plc (BP)

[DocLevi]

Rosneft, BP agree to explore for shale oil in Russia

....With Putin attending the ceremony, Sechin and BP Russia head David Campbell signed an agreement at the St Petersburg International Economic Forum to jointly explore for hard-to-recover oil in the Volga-Urals region of central Russia.

Rosneft will hold 51 percent of the joint venture which will explore the so-called Domanic formation and BP will hold 49 percent. BP holds an almost 20 percent stake in Rosneft.

"We are very pleased to be a part of Russian energy complex," Bob Dudley, chief executive with BP, told the forum. He was also present at the signing but did not sign it himself....
May 24, 2014 11:01 AM Reuters