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BP Gets Extra Month To Save $8B Rosneft Arctic Deal

Law360 (April 14, 2011, 1:41 PM EDT) -- With its current Russian partners clamoring for rights to participate in BP PLC's $7.8 billion stock swap with Russian state-owned oil company Rosneft, the litigation-battered London petroleum giant said Thursday it has extended the deadline to get the deal done.

BP and Rosneft now have until May 16 to complete the swap, which would allow them to collaborate in exploring 125,000 square kilometers of the Russian Arctic.

Blistered by costly litigation and other fallout from the massive oil spill in the Gulf of Mexico last summer,...
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