Caspian’s Future to Outshine its Past
The history of the oil industry in the Caspian Sea is one of the oldest tales known in the Exploration & Production business. Few are those who are not aware of the role that the Caspian holds as the original oil producing centre of the world, with 3,000 producing wells …
BP Announces Settlement with Moex/Mitsui of Claims Between the Companies Related to the Deepwater Horizon Accident
BP today announced that it has reached agreement with MOEX Offshore 2007 LLC (“MOEX”) and its affiliates, Mitsui Oil Exploration Co., Ltd. and MOEX USA Corporation to settle all claims between the companies related to the Deepwater Horizon accident. MOEX – which had a ten per cent interest in the …
BP and AAR Reaffirm Commitment to Growth and Success of TNK-BP as Talks Continue with Rosneft Following Expiry of Agreement
BP and Alfa- Access- Renova (“AAR”) announced today that they would intensify their efforts to ensure TNK-BP’s continued success following the lapse of the BP-Rosneft share swap transaction (and the related Arctic exploration opportunity) originally announced on 14 January 2011. In recent months, BP has conducted detailed negotiations with AAR …
Azerbaijani Parliament Ratifies Shafag-Asiman PSA
The Parliament of the Republic of Azerbaijan ratified the new production sharing agreement (PSA) between BP and SOCAR on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea. Rashid Javanshir, BP’s Regional President, said: “We are particularly pleased that the PSA was ratified …
Arbitral Panel Permits Conditional Completion of BP-Rosneft Share Swap-Subject to Rosnefts Consent and Assignment of Arctic Opportunity to TNK-BP
The arbitral panel has today issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign the Arctic opportunity to TNK-BP, subject to Rosneft consent. The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic …
BP Welcomes Rosneft as New Partner in German Refining Joint Venture
BP today welcomed Rosneft as its new partner in its German refining joint venture, Ruhr Oel GmbH (ROG). This follows the completion of the deal announced last October in which BP’s existing partner, PdVSA of Venezuela, agreed to sell its 50 per cent interest in the joint venture to Rosneft. …
Rosneft accepts BP’s proposal to extend the deadline for the deal
BP has asked Rosneft to extend the deadline for the share swap agreement, pending the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce, and in order to implement the share swap transaction between Rosneft and BP. Without waiving any of its rights, the Russian oil company …
BP and Rosneft Extend Share Swap Deadline
BP announced today that it has agreed with Rosneft to extend the deadline for completing the share swap agreement (previously announced on 14 January) to 16 May 2011. The agreement between the two companies followed the 8 April decision of the arbitral tribunal to allow them to discuss extension of …
BP Rosneft share swap prohibited
BP announced today the arbitral tribunal has ruled that the interim injunction prohibiting closing of the share swap transaction with Rosneft will remain in place until further notice. However BP is now able to discuss the possibility of an extension of the April 14 deadline under which the share swap …
BP Remains Committed to Partner with Russia
BP announced today that an arbitral tribunal has ruled that the interim injunction issued to prevent BP’s proposed transaction with Rosneft, which includes Arctic exploration and a share swap transaction, from proceeding should continue. BP will now apply for a determination whether the share swap may proceed on its own. …