BP Wants to Tap Russian Arctic for Oil, Gas

LONDON (Dow Jones), Jan. 21, 2010

BP would like the opportunity to expand its presence in Russia to explore for oil and gas in the country's Arctic region, Chief Executive Tony Hayward said Thursday.

"We have worked for decades in areas such as the North Slope of Alaska, the Canadian Arctic and Northern Norway," Hayward said in a speech to the Moscow Academy of National Economy, which was posted on BP's Web site. "BP has also been very active in the offshore Arctic regions, which represent an important new frontier for the industry."

"Building on this expertise, we would certainly welcome the opportunity to deploy our technology and skills to explore and produce Arctic resources in Russia as well," he said.

Hayward didn't specify if BP would like to do this directly, or through its joint venture with a group of Russian billionaires, TNK-BP Ltd.

TNK-BP, which is 50% owned by BP, already produces substantial volumes of oil and gas, mostly in Western Siberia.

Copyright (c) 2010 Dow Jones & Company, Inc.

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