- BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.
- BP will hold 49% in a joint venture and the Russian company the rest.
- The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.
- Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.
http://seekingalpha.com/news/
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