By Justin Scheck
BP PLC is negotiating a deal with Kremlin-controlled oil giant
OAO Rosneft that could give it a percentage of an Eastern Siberia
field believed to have large petroleum reserves, according to a
person familiar with the matter.
The talks for the U.K. oil and gas company to acquire a stake in
the Taas-Yuriakh field come at a time when Western
sanctions--imposed in response to Russia's role in Ukraine--
prohibit companies from exporting technology for tapping shale and
arctic reserves to Russia. The proposed deal would likely not be
subject to any such sanctions.
BP already owns nearly 20% of Rosneft, which has been under
pressure due to the sanctions and oil prices that have fallen by
more than 40% since June. It isn't yet clear how that pressure will
affect BP's income from Rosneft, which paid BP a dividend of close
to $700 million this year. Rosneft declined to comment. The talks
were first reported by Kommersant.
Alexander Kolyandr contributed to this article
Write to Justin Scheck at justin.scheck@wsj.com
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