BP and Russia in Arctic oil deal
BP has signed a joint venture with Russian energy firm Rosneft to exploit five billion tonnes of oil and 10 trillion cubic metres of gas in Russia's Arctic shelf.
The "strategic global alliance" will see the firms exchange expertise in exploring the region.
As part of the deal Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares.
Daniel Sandford reports.
14 Jan 2011