OAO Rosneft sees Arctic oil and gas deposits driving future production growth after the Russian state-run company gains BP Plc’s offshore drilling expertise through a planned share swap and venture in the region.
OAO Rosneft former Vice-President and U.S. citizen Peter O’Brien may become an independent director in as many as three of Russia’s state-run companies, Kommersant reported, citing people it didn’t identify.
OAO Rosneft , Russia’s largest oil producer, said profit rose 18 percent in the first quarter to the highest level since the economic crisis hit the country 18 months ago, after crude prices advanced and output increased.
OAO Rosneft could add as much as 10 billion barrels of oil equivalent reserves if it had better access to Russia’s natural-gas system, said Peter O’Brien , vice president of the Russian state-run company.
OAO Rosneft said it could increase its 5 percent stake in BP Plc if the new relationship between the two is a success, the Daily Telegraph reported, citing Peter O’Brien, vice-president of the largest Russian oil producer. O’Brien said he would not “exclude” it, but that it will be “probably some time before that question might come up,” according to the Telegraph.