Oil company BP says talks will continue to salvage its agreement to work with Russian oil company Rosneft to explore Arctic waters even though a deadline has been passed.
BP said Tuesday that it will intensify efforts to overcome opposition by Alfa-Access-Renova, BP's partner in the TNK-BP joint venture. AAR went to court to block the Rosneft deal, claiming it had the right to share in all BP operations in the country.
The deal, announced in January, ran into opposition from shareholders in BP's separate Russian joint venture, TNK-BP, who claimed it violated that venture. BP and Rosneft had also agreed on a share-swap deal in which each would take a stake of about $8 billion in the other.
BP did not comment on any possible solutions it was exploring.