BP is ending a stormy relationship with Russian tycoons from a company known as AAR and is instead targeting a partnership with government-owned Rosneft. The deal, worth over $25 billion (€19.18 billion) could give the British oil company a stake of between 16% and 20% in the Russian oil giant.
The European Parliament’s industry committee has rejected attempts to introduce a moratorium on offshore oil and gas drilling in the Arctic, overruling a contrary vote by its environment committee last month.
Sea ice in the Arctic is disappearing at a far greater rate than previously expected, according to data from the first purpose-built satellite launched to study the thickness of the Earth's polar caps.
One of the drill ships that Royal Dutch Shell plans to use in a controversial Arctic drilling programme slipped off its moorings and drifted to the edge of shore in Alaska's Aleutian islands, a US Coast Guard representative said.
Europe's seas are changing at an unprecedented rate as ice sheets melt, temperatures rise and marine life migrates due to climate change, a report by the Climate Change and European Marine Ecosystem Research (CLAMER) project has warned.
ExxonMobil and Rosneft signed an agreement yesterday (30 August) to extract oil and gas from the Russian Arctic, in the most significant US-Russia corporate deal since President Barack Obama began a push to improve bilateral ties.
Negotiations between British Petroleum and Rosneft, Russia's leading oil company, to develop three massive offshore exploration blocks in the Arctic have failed, according to media reports yesterday (17 May).
The seventh annual Arctic Council has opened in Greenland today (11 May) as secret US embassy cables released by WikiLeaks show that nations are racing to carve up the region’s oil, gas and mineral resources, as its ice retreats because of global warming.
BP agreed on 14 January to form a joint venture with Rosneft to develop three massive offshore exploration blocks that Rosneft owns in the Arctic territory of Russia. US lawmakers, the UK's opposition Labour party and environmentalists blasted the deal, which has been dubbed 'Bolshoi Petroleum'.
Russia and Norway agreed on Tuesday (2 November) to ease frontier controls and said they hoped for cooperation on oil and gas exploration after a deal earlier this year ended a four-decade dispute over Arctic seas.