BP Plc is seeking to buy out its billionaire partners in Russia’s third-largest oil producer, as a planned share swap with state-controlled OAO Rosneft expires today, said people with knowledge of the plans.
Petroleo Brasileiro SA ’s planned $42.5 billion share swap with the Brazilian government makes BG Group Plc’s assets in the South American country more attractive than Repsol YPF SA’s, Citigroup Inc. said in a report.
U.K. stocks fell, driving the FTSE 100 Index to its biggest weekly retreat since October, after Barclays Plc reported a larger-than-forecast drop in investment banking revenue and mining shares declined.
BP Plc, the largest oil and natural- gas producer in the Gulf of Mexico, is trying to insert a tube into a leaking pipe at a well off Louisiana, advancing a plan to divert much of the crude into a ship on the surface.
The drop in U.S. oil output may worsen 10-fold through 2015 as projects are delayed because of the clamp down on offshore drilling after BP Plc’s crude spill in the Gulf of Mexico, the International Energy Agency said.