BP chief Bob Dudley: Oil deal with Russia is 'historic'

BP has announced a major deal with the state-run energy giant Rosneft to explore in Russia's Arctic region.

As part of the agreement, Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares.

BP's chief executive Bob Dudley said the deal had implications for the company, for Russia, and the world of energy production.