TNK-BP To Get BP Stake In Arctic Opportunity

Law360, New York (May 6, 2011, 6:00 PM EDT) -- An arbitration panel ruled Friday that BP PLC's partners in the TNK-BP joint venture can take BP's stake in the resource play the oil giant calls the Arctic opportunity.

The panel issued a consent order allowing BP to assign the Arctic opportunity — a 125,000 square kilometer resource play BP was to explore with Russia's state-owned oil company Rosneft — to TNK-BP, a joint venture between BP and several other oil companies.

The decision is a victory for BP's partners in TNK-BP, which has become Russia's...
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